The Federal Government says its naira-for-crude initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining.
The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss, Mele Kyari, which tenured the initiative.
In a post on its official X handle on Wednesday, the Ministry of Finance said the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative met on Tuesday to review progress and address ongoing issues.
As part of moves to reduce the strain on the US dollar and guarantee price stability of petroleum products.
