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Federal Government Affirms Continuation Of “Naira-For-Crude Oil Deal”

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The federal government has confirmed that the “naira-for-crude oil deal” will proceed beyond the conclusion of its initial phase on March 31.

This announcement followed a meeting held on Monday, involving the technical sub-committee on the “crude and refined product sales in naira initiative,” Wale Edun, the minister of finance, and Zacch Adedeji, committee chairman and executive chairman of the Federal Inland Revenue Service (FIRS).

In attendance were representatives from Dangote Petroleum Refinery, Dapo Segun — the chief financial officer of the Nigerian National Petroleum Company (NNPC) Limited and coordinator of its refineries — the management of NNPC Trading, and senior personnel from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Also present were officials from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), African Export-Import Bank (Afreximbank) representatives, and Hauwa Ibrahim, who serves as the committee’s secretary.

According to the ministry, “the stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).”

The ministry emphasized that the “Crude and Refined Product Sales in Naira initiative” is a core policy strategy — not a temporary fix — aimed at strengthening local refining, improving energy security, and reducing dependency on foreign exchange in Nigeria’s petroleum market.

The statement acknowledged the possibility of “implementation challenges” but assured that they are being addressed through collaboration among relevant parties.

The ministry reiterated, “the initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.”

Launched on October 1, 2024, the initiative allows the sale of crude oil and refined products in “naira” to domestic refineries. It was designed to enhance local supply, cut down on petroleum import costs, and lower pump prices.

On March 10, TheCable reported that the NNPC had paused the “naira-for-crude deal” until 2030, citing that the company had already forward-sold all of its crude oil.

Nine days after, the Dangote Refinery temporarily suspended petroleum product sales in “naira,” explaining that the decision was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”

BIG STORY

JUST IN: Chaos At PDP Caucus Meeting As Security Operatives Forcefully Eject Members [VIDEO]

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The caucus meeting of the Peoples Democratic Party (PDP) turned chaotic on Monday after security operatives forcefully removed some members from the national executive committee (NEC) hall.

The meeting was scheduled to take place at the NEC hall of the party’s headquarters in Abuja, with members already arriving at the venue.

Two individuals were ejected by security personnel following claims by some protocol officers that they had no authorization to be present at the meeting.

During the confrontation, a glass door was broken while the members were being dragged out.

“Are you NWC member?” shouted Chinwe Nnorom, national director of publicity, before the individuals were taken out of the venue.

Earlier in the day, security personnel had taken control of the PDP headquarters and stopped members of the board of trustees (BoT) from accessing the NEC hall for their scheduled meeting.

As a result, the BoT moved their meeting to the Yar’Adua Centre located in the central business district of Abuja.

In recent weeks, the PDP has been embroiled in increasing drama and new developments amid its internal crisis.

Watch VIDEO HERE

 

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BIG STORY

BREAKING: Security Operatives Block PDP BoT From Meeting At Party Headquarters

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Security operatives have barred members of the Peoples Democratic Party (PDP) Board of Trustees (BoT) from holding their meeting at the party’s national headquarters in Abuja.

The security personnel stopped the BoT members from accessing the National Executive Committee (NEC) hall where the meeting was scheduled to take place on Monday morning.

The BoT has subsequently relocated the meeting to the Yar’Adua Centre in Abuja’s Central Business District.

 

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Nigerian Medical Student Hails “Inspiring” Encounter With President Tinubu, St. Lucian PM Pierre

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For Nigerian medical student Bob Chikwem Amadi, what started as a routine work assignment turned into an unforgettable experience with two world leaders — President Bola Ahmed Tinubu of Nigeria and Prime Minister Philip J. Pierre of Saint Lucia.

Amadi, currently studying medicine at the American International University in Saint Lucia, was part of the service team present during President Tinubu’s courtesy call to Prime Minister Pierre’s official residence on the second day of the Nigerian president’s state visit to the Caribbean nation.

Originally from Rivers State, Amadi has lived in Saint Lucia for ten years and recently completed the four-year basic phase of his medical education. He is now preparing to begin his clinical training.

Alongside his studies, Amadi also works part-time as a talent and brand manager with a local catering and entertainment company — a role that brought him close to the high-level diplomatic event.

During the visit, Prime Minister Pierre was informed by his aides that one of the staff members was a Nigerian student.

Taking a brief moment before his official engagements began, the prime minister introduced Amadi to President Tinubu.

The president, known for his engaging nature and interest in Nigerians living abroad, took time to speak with the young student, asking about his name, background, and academic journey.

Tinubu extended his best wishes and words of encouragement, praising Amadi for his dedication to his studies overseas.

Describing the experience, Amadi said it was “an inspiring moment” for him.

“Saint Lucia is an amazing island. I will describe it as a wonderful place. They are a very contented society and things are relatively calm”, he said.

The moment was capped off when Amadi was invited to join President Tinubu and Prime Minister Pierre for a group photograph — a symbolic and memorable close to a chance meeting with two major political leaders from Africa and the Caribbean.

Amadi also reflected on the strong historical and cultural ties between Nigeria and Saint Lucia.

“We have always hoped that there are many opportunities between Saint Lucia and Nigeria. We share similar food crops and culture, and the connection is deep”, he said.

President Tinubu’s visit to Saint Lucia marks the beginning of a broader diplomatic tour of the Caribbean and South America, focused on enhancing trade, cultural ties, and diplomatic collaboration between Nigeria and Caribbean countries.

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