The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Wednesday, participated in a high-level review meeting of the Federal Executive Council’s Steering Committee on Domestic Crude Oil and Refined Products Sales in Naira.
The session, which aligns with President Bola Ahmed Tinubu’s economic reform agenda, brought together senior representatives from the Federal Inland Revenue Service (FIRS), NNPC, Dangote and NNPC Refineries, the Central Bank of Nigeria (CBN), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).
The committee reaffirmed its commitment to leveraging the One Stop Shop mechanism to deepen inter-agency collaboration and accelerate Nigeria’s transition to a self-reliant energy market. At the heart of these efforts is the Crude-for-Naira framework, which aims to stabilise the foreign exchange market, strengthen local industrial capacity, and reduce dependence on imports.
This strategic initiative, guided by the Tinubu administration’s Renewed Hope Agenda, is poised to deliver long-term economic benefits for both Nigerian consumers and private sector players by fostering transparency, improving liquidity, and building a resilient domestic energy sector.
