Crude oil sales in Naira will continue – FG
The Federal Government of Nigeria has confirmed that it will continue selling crude oil and refined products in Naira. This decision is part of a long-term plan to help the country’s economy by reducing its dependence on foreign exchange and improving local refining. The confirmation was shared on April 9 via the Federal Ministry of […]
Fuel price, Naira-for-crude: Dangote Refinery blackmailing Nigerian govt – Marketers, depot owners
Petroleum marketers and depot owners in Nigeria have accused Dangote Refinery of trying to pressure the government into continuing the Naira-for-crude sales deal. This comes at a time when there is uncertainty about the price of premium motor spirit (PMS), also known as petrol. The Nigerian government had planned a meeting on Monday to discuss […]
Audit report uncovers N515bn infractions in NNPCL transactions
An audit report from Nigeria’s Office of the Auditor-General has uncovered a troubling financial situation at the Nigerian National Petroleum Company Limited (NNPCL) in 2021, with irregularities amounting to N515 billion. This investigation sheds light on how the company handled funds, pointing out several mismanagement issues during the year. The report details four major infractions. […]
Nigeria Begins Naira-for-Crude Oil Sales from October 1, 2024
The Nigerian government has officially begun selling crude oil and refined petroleum products in exchange for naira, starting October 1, 2024. This initiative, known as the naira-for-crude program, is aimed at strengthening the local currency and improving the availability of petroleum products throughout the country. By eliminating the need for foreign currency in these transactions, […]