The Federal Government has reaffirmed its commitment to the Crude and Refined Product Sales in Naira initiative, a policy move expected to drive down the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
Following a high-level meeting of the Technical Sub-Committee on Tuesday, the government confirmed that the initiative—initially seen as a short-term measure—has now been adopted as a permanent national policy.
The meeting brought together top-tier stakeholders from across the oil, finance, and regulatory sectors.
Officials say the initiative is more than just a currency preference—it’s a long-term economic strategy aimed at boosting local refining capacity, strengthening energy security, and reducing Nigeria’s dependence on foreign exchange in the domestic petroleum market.
“This is not a one-off fix; it’s a structural policy designed to make fuel more affordable for Nigerians, promote self-sufficiency in refining, and stabilize the economy,” said Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the Implementation Committee.
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Also present were key players including Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji; Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; representatives from Dangote Refinery, the Central Bank of Nigeria, Afreximbank, and various oil regulatory agencies.
Speaking on the broader implications of the policy, Mr. Sunday Dare noted, “President Tinubu is committed to ensuring Nigerians benefit meaningfully from the ongoing reforms, particularly in the oil sector. The extension of the Naira-for-Crude initiative is a strategic move to keep petrol prices within reach for the average citizen.”
The Ministry of Finance acknowledged the challenges that may come with implementing such a sweeping policy, but emphasized that all issues are being proactively addressed through inter-agency coordination.
As the policy continues to roll out, experts say Nigerians can expect to see its impact not just at the fuel pump, but across multiple sectors of the economy—potentially easing inflationary pressures and encouraging local investment in the energy sector.
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