Naira-for-Crude Policy
Dangote clinches N11bn crude oil deal in July – NNPC
The Nigerian National Petroleum Company Limited (NNPC) has revealed that the Dangote Petroleum Refinery accounted for more than 32 per cent of crude oil sales in July 2025, underscoring the growing role of the $20bn Lagos-based refinery in Nigeria’s oil and gas sector. According to internal records presented at the Federation Account Allocation Committee (FAAC) […]
NNPCL Crude Sales to Dangote, Others Hit N336bn – Report Reveals
In a significant development for Nigeria’s oil and gas sector, the Nigerian National Petroleum Company Limited (NNPCL) raked in N336.37 billion from crude oil sales in the first quarter of 2025, with the Dangote Petroleum Refinery alone accounting for more than 32% of the total, amounting to N107.44 billion. This disclosure comes from internal NNPCL […]
Fuel Prices Set to Drop as FEC Approves Naira-for-Crude Oil Deal
In a move that could significantly reduce the cost of petrol across Nigeria, the Federal Executive Council (FEC) has directed the full reinstatement of the naira-for-crude policy. This decision signals a renewed commitment to local refining. It also indicates a shift away from dollar-dependent fuel transactions. Industry stakeholders and market experts have welcomed this decision, […]
FEC Approves Full Implementation of Naira-for-Crude Oil Deal
The Federal Executive Council (FEC) has taken decisive action to strengthen Nigeria’s economic resilience. They directed the full implementation of the Naira-for-Crude Oil policy. This move revives the suspended agreement between the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL). It also includes local refiners, such as the Dangote Petroleum Refinery. The Ministry […]
Naira-for-crude Crisis: FG Panel to Reconvene on Monday
The Federal Government’s panel on naira-for-crude is set to reconvene on Monday to address the ongoing crisis, which has been exacerbated by the Nigerian National Petroleum Company Limited’s (NNPCL) allocation of large volumes of crude oil to its foreign creditors. The move has sparked fears of a potential fuel price hike, as the Dangote refinery […]
Naira-for-Crude Policy Under Review: Finance Minister, NNPCL Meet
The Technical Sub-Committee on the Naira-for-Crude Policy met on Thursday at the Ministry of Finance Headquarters in Abuja to assess developments and reaffirm commitments to the policy framework. Naira-for-Crude meeting had in attendance keys stakeholders, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and representatives from the Nigerian National Petroleum […]