“FEDERAL GOVERNMENT BEGINS SALE OF PETROLEUM IN NAIRA: A STRATEGIC MOVE TOWARDS ECONOMIC GROWTH AND STABILITY”

Nigeria’s Minister of Finance and Coordinating Minister of the Economy,Wale Edun, announced on Saturday that the federal government has started implementing the sale of petroleum products in naira, effective October 1, following a directive from the Federal Executive Council (FEC).

He noted that, after a review led by the Ministry of Finance and involving major stakeholders, the launch of the “Crude Oil and Refined Products Sales in Naira” initiative was confirmed. This move, spearheaded by President Bola Tinubu’s administration, is seen as a bold step toward fostering economic growth, strengthening stability, and enhancing Nigeria’s self-reliance.

The ministry emphasized that despite the challenges of the global market, this initiative is a forward-thinking strategy that positions Nigeria for sustained economic success in the future.

On September 30, Eche Idoko, spokesperson for the Crude Oil Refinery-owners Association of Nigeria (CORAN), stated that the shift to naira-based sales would begin with petrol production from local refineries.