The Federal Government has reaffirmed its commitment to the continued implementation of the Crude and Refined Product Sales in Naira initiative.
At a Technical Sub-Committee review meeting , The Minister of Finance, Wale Edun says the initiative is a strategic policy aimed at strengthening local refining, enhancing energy security, and reducing the demand for foreign exchange in the domestic petroleum market.
The Committee focused on reviewing progress made so far and addressing emerging implementation challenges. Stakeholders unanimously emphasized that the initiative is not a temporary or stopgap measure but a core policy directive of the Federal Executive Council (FEC).
While acknowledging the complexities involved in executing a policy of this scale, the Committee noted that implementation challenges are being resolved through active collaboration among relevant agencies. The initiative, they affirmed, remains in force and will continue as long as it aligns with national economic priorities and the public interest.
