Close Menu
PARADIGM NEWS
    Facebook X (Twitter) Instagram
    • Home
    • Privacy Policy
    Facebook X (Twitter) WhatsApp Telegram
    PARADIGM NEWS
    • Home
    • Features

      I’ll dress elegantly for a week, lady vows as Kano women storm markets

      March 29, 2025

      Dr. Abdullahi Umar Ganduje’s Legacy of Progress and Excellence

      December 25, 2024

      The rise and fall of Faruk Lawan: A lesson in power and intrigues

      December 17, 2024

      Will The Axing of Zakirai Make Education Great In Kano

      December 17, 2024

      Harmattan Brings Boom to Tea, Noodle, Bean Cake Sellers in Kano

      December 15, 2024
    • News
      1. Local
      2. National
      3. International
      4. View All

      Bagwai Indigene Uplifts GGSS Kiyawa with Modern Facilities

      May 30, 2025

      Traditional Ruler Tasks Parents On Inculcating Moral Values On Their Children

      May 30, 2025

      Bagwai LG Chairman Empowers Youths with N10M, Vehicles

      May 18, 2025

      Shema Swears in New Executive Council Members in Dutsinma

      May 13, 2025

      Nigeria Vows Stronger Border Control, Warns Against Sovereignty Breach

      May 30, 2025

      FG Trains 535 Youths in Inaugural Steel Industry Bootcamp

      May 27, 2025

      Minister Inaugurates 12-Member Committee on 753-Unit Estate

      May 27, 2025

      ICIEC Backs Nigeria’s Infrastructure Agenda, Eyes PS Engagements

      May 27, 2025

      NIPR President Elected Global Alliance Regional Delegate-at-Large

      May 16, 2025

      Just in : Minister Ata Arrives Kazan for 2025 Intl Economic Forum

      May 15, 2025

      Renowned Philanthropist Mrs. Maryam Imoke Yanah Recieves Warrior of Hope Award

      April 27, 2025

      Minister Woos French Investors with Nigeria’s Economic Reforms

      April 11, 2025

      KNSG Applauds Judiciary Over Landmark Ruling on LG Polls

      May 30, 2025

      Borno Pledges N5M, Education for Children of Slain CJTF

      May 30, 2025

      How Daily Trust Foundation Is Shaping the Future of Journalism with Start-up Training

      May 28, 2025

      NAWOJ Visits CP Advocates Collaborative Efforts Against GBV

      May 24, 2025
    • Politics

      How Ganduje is strengthening APC’s fortune ahead of 2027

      May 25, 2025

      Prepare for Exit in 2027-Jigawa Gov Tells PDP Lawmakers

      May 19, 2025

      APC North-West Endorses President Tinubu for 2027

      May 18, 2025

      Gauta Club Backs Kano State’s Ban on Live Political Programs

      May 12, 2025

      Kano Lawmaker Zubairu Hamza Massu Dumps NNPP for APC

      May 12, 2025
    • Conflict

      Kadpoly Retiree faults Committee, Demolition Of Property

      March 27, 2025

      President Tinubu Declares State of Emergency in Rivers State

      March 18, 2025

      El-Rufai Defends Najaatu Muhammad Against Ribadus Denials

      February 5, 2025

      Tinubu’s Corruption Saga: Najaatu-Ribadu Feud Takes Center Stage

      February 5, 2025

      Kano Inaugurates Committee to Investigate Rimin Zakara Dispute

      February 3, 2025
    • More
      • Analysis
      • Business
      • Crime
      • Cultural events
      • Economy
      • Education
      • Editorial
      • Entertainment
      • Environment
      • Fashion
      • Health
      • Lifestyle
      • Personality profile
      • Science
      • Sports
      • Technology
    • Hausa

      Gwamnatin Kano Ta Fara Biyan Tsofaffin Kansiloli Naira Biliyan 16

      May 29, 2025

      Rashin Tarbiyya a TikTok: KNSG ta Gurfanar Da Matum 4 a Kotu

      May 29, 2025

      Gwamnatin Kano zata yi Ayyukan Alumma Na Sama Da Biliyan 32

      May 20, 2025

      Hukumar Tace Fina-finai Ta Kano ta Dakatar Da Fina-finai Guda 22

      May 19, 2025

      Gwamnatin Jihar Kano Bata Hana Yin Adawa Ba- ComradeWaiya

      May 12, 2025
    Subscribe
    PARADIGM NEWS
    Business

    FEC Orders Full Implementation of Naira-for-Crude policy

    EditorBy EditorApril 9, 2025Updated:April 9, 2025No Comments2 Mins Read
    Facebook Twitter Telegram WhatsApp
    20241023 183515

    The Federal Executive Council (FEC) has formally directed the full implementation of the Naira-for-Crude policy, aimed at encouraging local refining and reducing Nigeria’s dependence on foreign exchange for petroleum products.

    This was disclosed by the Ministry of Finance in a post on its official X handle on Wednesday, titled “Update on the Crude and Refined Product Sales in Naira Initiative”.

    NNPC Clarifies Naira Crude Oil Agreement with Dangote Refinery

    Ad 4

    The directive follows the expiration of the initial six-month pilot phase of the agreement involving the Federal Government, the Nigerian National Petroleum Company Limited (NNPC), and the Dangote Petroleum Refinery.

    The pilot phase ended on March 31, 2025, and was not renewed, prompting the Dangote refinery to suspend sales of refined products in naira.

    Naira-Based Crude Oil Supply Arrangement Remains Intact-Adedeji

    Ad 3

    However, the latest statement clarifies that the initiative is not a short-term arrangement but a long-term strategic policy.

    “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters,” the statement said.

    It added: “The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.

    Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

    The initiative, first introduced in 2024, was developed to stabilize the naira, conserve forex reserves, and incentivize local refiners to operate more efficiently and competitively.

    FEC Orders Implementation Naira Crude
    Share. Facebook Twitter LinkedIn Telegram WhatsApp

    Related Posts

    NNPC Shuts Down Port Harcourt Refinery For Maintenance

    May 25, 2025

    Ajrena Foods Launches Peanut Processing Factory in Kano

    May 21, 2025

    Nigeria Customs Pledges Support for Renewable Energy Trade

    May 21, 2025

    Dangote Assures Petrol Price Stability Amid Rising Crude Oil Prices

    May 20, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Editors Picks

    FG Launches TVET To Empower Youths With Industrial Skills

    May 30, 2025

    Bagwai Indigene Uplifts GGSS Kiyawa with Modern Facilities

    May 30, 2025

    KNSG Applauds Judiciary Over Landmark Ruling on LG Polls

    May 30, 2025

    Borno Pledges N5M, Education for Children of Slain CJTF

    May 30, 2025
    Hajaj Albait 2
    © 2025 PARADIGM NEWS
    • Home
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.