The Nigerian government has initiated a historic shift in economic policy, trading crude oil and refined petroleum products in Naira instead of foreign currency.
Led by the Senate Committee on Finance and chaired by Senator Mohammed Sani Musa, a fact-finding session gathered key stakeholders, including Finance Minister Wale Edun, NNPCL Group Managing Director Mele Kyari, and NUPRC CEO Engr. Gbenga Komolafe.
This policy, endorsed by President Bola Tinubu, seeks to reduce foreign exchange dependency and promote local refining. The discussion highlighted the Tinubu administration’s broader macroeconomic reforms, such as market-driven PMS pricing and a deregulated foreign exchange rate, marking significant fiscal adjustments from 2024 through 2027.
Finance Minister Edun emphasized that these reforms have already generated investment opportunities, driving productivity and sustainable economic growth. Senator Musa called for insights from the NNPCL, NUPRC, and other agencies to map the policy’s next steps for economic stability.
Reporter: Mariam Zakari, ADBN News.
