Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Government

FG Moves to Adopt the Naira Crude Sales Policy

Elizabeth OkandejibyElizabeth Okandeji
August 13, 2024
in Government
0
FG Moves to Adopt the Naira Crude Sales Policy
Share on FacebookShare on TwitterShare on Whatsapp

The federal government has bean to enforce President Bola Tinubu’s Naira Crude Oil Sales Directive.

Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, met with key business players and government revenue officials in Abuja yesterday to fine-tune implementation.

According to a statement issued by Mr Mohammed Manga, Director of Information and Public Relations for the Ministry, the Minister of State for Petroleum (Oil), Mr Heineken Lokpobiri, the Minister of State and Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Mele Kyari, and the Permanent Secretary of the Ministry, Mrs Lydia Jafiya, met this afternoon to strategise policy implementation.

Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), also attended the conference to educate participants on the policy’s revenue consequences.

Mr. Edun was claimed to be optimistic that the program will empower local refineries, encourage economic growth, and transform the country’s petroleum environment.

President Bola Tinubu has authorised NNPCL to sell crude oil to local refineries in Naira. There has been a big dispute between NNPCL and the Dangote Group over alleged attempts to disrupt the smooth operation of the $20 billion Dangote Refinery in Lagos.

However, the NNPCL and other government entities in the oil sector have denied any intentional attempt to sabotage the Dangote Refinery.

This effort intends to enhance the home economy and promote the sustainability of local refineries, particularly the Dangote Refinery. It is expected to effect the Naira’s performance in the foreign exchange market.

Demand for foreign exchange to import petroleum products was estimated to be over 25% of market demand. The Naira Crude Sales project is a huge step forward for Nigeria’s economic development.

Table of Contents

Toggle
  • Why this matters
  • Bottom Line

Why this matters

If successfully implemented, this policy could reduce the demand for foreign exchange (forex) needed to import petroleum products, which has been a significant drain on Nigeria’s forex reserves. This reduction in forex demand could stabilize or even strengthen the Naira over time.

Bottom Line

While the policy could reduce forex demand, it might also place additional pressure on the Naira if not carefully managed.

If the supply of Naira increases to support crude sales, this could lead to inflationary pressures, particularly if local production doesn’t meet demand.

Tags: Crudefederal characterfederal governmentFG Moves to Adopt the Naira Crude Sales PolicyNairaNewsNigeria
Elizabeth Okandeji

Elizabeth Okandeji

A wordsmith with a passion for all things tech. I write captivating articles and unravel complex concept in the world of technology.

Related Posts

5% Telecom Levy Gone — Nigerians Cheated Twice?
Government

5% Telecom Levy Gone — Nigerians Cheated Twice?

September 11, 2025
How Close Are Police to Arresting a Suspect in the Charlie Kirk Shooting?
Government

How Close Are Police to Arresting a Suspect in the Charlie Kirk Shooting?

September 11, 2025
Is This New Court Decision Challenge Gender Roles in South African Marriages?
Government

Is This New Court Decision Challenge Gender Roles in South African Marriages?

September 11, 2025
Next Post
Darkoo Opens Up About Her Close Bond with Ayra Starr

Darkoo Opens Up About Her Close Bond with Ayra Starr

Niger State Residents in Dilemma Over Epileptic Rainfall

Niger State Residents in Dilemma Over Epileptic Rainfall

NELFUND Warns About Fraudulent Visa Sponsorship Websites

NELFUND Warns About Fraudulent Visa Sponsorship Websites

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigeriens Rally Against US Troop Presence in Niger

Nigeriens Rally Against US Troop Presence in Niger

1 year ago
ECHR Rules Polish Judges’ Retirement Age Reform Violates Legal Rights

ECHR Rules Polish Judges’ Retirement Age Reform Violates Legal Rights

2 years ago
Africa Seeks Fairer Deal in Global Financial System

Africa Seeks Fairer Deal in Global Financial System

1 year ago
Media Silence Sparks Tensions as Outlets Hesitate to Endorse Harris in High-Stakes U.S. Election

Media Silence Sparks Tensions as Outlets Hesitate to Endorse Harris in High-Stakes U.S. Election

11 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Why Tiwa Savage Refuses To Claim Throne Of Afrobeats

How Close Are Police to Arresting a Suspect in the Charlie Kirk Shooting?

Is This New Court Decision Challenge Gender Roles in South African Marriages?

What is NASA’s New Policy on Chinese Citizens Working in Space Research?

Is Ghana Now a US Deportation Hub for West African Migrants

What Do We Know About the Single Bullet That Killed Charlie Kirk?

Trending

5% Telecom Levy Gone — Nigerians Cheated Twice?
Government

5% Telecom Levy Gone — Nigerians Cheated Twice?

byEriki Joan Ugunushe
September 11, 2025
0

The government has announced the removal of the 5% excise duty on voice calls and data. On...

Rio Ferdinand Calls for Patience with Benjamin Šeško

Rio Ferdinand Calls for Patience with Benjamin Šeško

September 11, 2025
Cubana Chief Priest: From Nightlife Mogul to Rising Music Star

Cubana Chief Priest: From Nightlife Mogul to Rising Music Star

September 11, 2025
Why Tiwa Savage Refuses To Claim Throne Of Afrobeats

Why Tiwa Savage Refuses To Claim Throne Of Afrobeats

September 11, 2025
How Close Are Police to Arresting a Suspect in the Charlie Kirk Shooting?

How Close Are Police to Arresting a Suspect in the Charlie Kirk Shooting?

September 11, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • 5% Telecom Levy Gone — Nigerians Cheated Twice?
  • Rio Ferdinand Calls for Patience with Benjamin Šeško
  • Cubana Chief Priest: From Nightlife Mogul to Rising Music Star

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com