The Nigerian government has officially implemented a significant economic policy change regarding crude oil sales and refined petroleum products, trading them in Naira instead of foreign currency. This move was the focus of an interactive fact-finding meeting led by the Senate Committee on Finance, chaired by Senator Mohammed Sani Musa.

Galaxy Television reports that Key stakeholders, including Minister of Finance Wale Edun, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, and CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Engr. Gbenga Komolafe, gathered to assess the policy’s impact on Nigeria’s fiscal stability and medium-term economic strategies.

Senator Musa stressed the urgent need for transparency and accountability in resource management, highlighting that trading crude oil in Naira is aimed at reducing foreign exchange dependency while promoting local refining capabilities. He noted that this directive, approved by President Bola Ahmed Tinubu and the Federal Executive Council, holds major implications for Nigeria’s fiscal strategy from 2024 through 2027.

The discussion also examined the wider macroeconomic reforms of the Tinubu administration, which include market-based pricing of petroleum motor spirit (PMS) and the deregulated foreign exchange rate. Nigeria’s Finance Minister underscored the benefits already emerging from these changes since their rollout on October 2, 2024, explaining that they provide much-needed fiscal viability for both NNPCL and the Nigerian economy as a whole.

According to Edun, these reforms have opened avenues for investment, job creation, and increased productivity, forming the foundation for sustainable economic growth. Senator Musa invited further insights from representatives of NNPCL and NUPRC, as well as from other government agencies, including the Office of the Accountant General, the Central Bank of Nigeria, and the Revenue Mobilization and Fiscal Commission. The meeting entered an executive session to discuss the gathered insights and outline the next steps for implementing and monitoring these impactful policy changes.