Business

Naira For Crude: The Steady Progress

Published

1 year ago

June 23, 2025

The naira for crude policy is one of the smartest and most realistic steps taken to fix Nigeria’s oil and gas sector. It is not just about money. It is a well-planned effort to grow local value, depend less on foreign currency, and strengthen our ability to refine oil here at home (Nigeria).

For decades, we watched as our crude oil left Nigerian shores only to return as expensive imported fuel. We lost value and billions of dollars in foreign exchange every year. That cycle had to end. With the introduction of this policy, the federal government made a point: Nigeria will now prioritize local refining, pay for its crude in naira, and keep more of its resources within its economy.

The recent meeting of the Technical Sub-Committee on Domestic Crude Sales in Naira (ICONS) focused on reviewing how the naira-for-crude policy is being put into action.

The meeting was chaired by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, and attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. Also present were representatives from the Nigerian National Petroleum Company Limited (NNPC), Dangote Refinery, the Central Bank of Nigeria (CBN), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian Ports Authority (NPA).

The meeting reviewed the progress made so far. More than 48 million barrels of crude oil have been supplied to local refineries and paid for in naira. Monthly supply schedules are now in use, helping refineries plan better and avoid disruptions.

Officials also discussed how the One-Stop Shop is making it easier for stakeholders to follow procedures and obtain approvals. Overall, the meeting helped to strengthen the policy and support efforts to grow Nigeria’s local refining and reduce reliance on foreign exchange.

This is how reform should work: with regulators and operators facing each other, not avoiding one another. For once, the silence between agencies is being filled with coordination.

The Dangote Refinery, a major player in the sector, is already receiving crude under the new arrangement. Its participation provides an early signal that the policy can work at scale. As other refineries complete their preparations, they are expected to be included as well.

What is important is that Nigeria is taking steady, well-considered steps to change from an import-dependent petroleum economy to one that adds value locally and supports job creation within its borders.

Nigerian refineries are now tapping into a more consistent pipeline of crude supply, which is helping to reduce downtime and improve throughput.

This is what the Renewed Hope agenda represents, making the most of what we have to build a future for Nigerians. The naira-for-crude policy is not just a change in how oil is paid for. It shows that government and industry can work together to solve problems. It is a step toward building an economy that focuses on local production, stable systems, and better opportunities for the peopl3 of our great nation.

Thenationonlinesng.net

Business

FG Speaks on Increasing Taxes, Gives Fresh Update

Published

10 hours ago

June 26, 2026

The Daily Voice

The Federal Government has clarified that it is not increasing taxes, noting that Nigeria only needs more taxpayers.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this remark on Thursday while receiving a delegation from the Chartered Institute of Taxation of Nigeria, CITN, at his office in Abuja.

Oyedele hailed the institute for introducing a National Tax Awareness Day and for supporting the current tax reforms of the Federal Government.

The minister charged the institute to double its effort in public enlightenment, stressing that many Nigerians still view taxation as a means for the government to take money from citizens.

He reiterated that the priority of the government is not to increase tax rates but to broaden the tax base by ensuring that all eligible taxpayers meet their obligations.

“We are still not getting enough revenue from taxes.

“It is not about increasing taxes but making sure that those who are supposed to pay tax pay. We want to promote fairness in tax administration,” he said.

Source: Daily post

Business

Full List: FG Finally Names Identities of 9 Persons Allegedly Financing Terrorism

Published

1 day ago

June 25, 2026

The Daily Voice

The Nigerian government has released a list of six persons and three entities sanctioned for terrorism financing.

In a statement on Tuesday, Secretary of the Nigerian Sanctions Committee, Beatrice Jedy-Agba, said the list was approved and published on 18 June.

This comes a day after the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the sanctions on Mukhtar Adamu, and three bureau de change companies over their alleged involvement in financing the terrorist group Islamic State West Africa Province (ISWAP).

OFAC, in its announcement on Tuesday, accused Mr Adamu, a Lagos-based bureau de change operator, of facilitating financial transactions and money transfers on behalf of ISWAP.

On Wednesday, the Nigerian Sanctions Committee, released a broader list of six persons and three entities similarly sanctioned in Nigeria for terrorism financing activities.

The list includes Mr Adamu and two companies – Nine to Nine BDC and Generation BDC Limited – named in the US sanctions on Monday.

Mrs Jedy-Agba, who doubles as the Solicitor-General of the Federation and Permanent Secretary, Federal Minister of Justice, said the US sanctions followed “the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026.”

She welcomed the inclusion of Mr Adamu and the two firms in the US designations.

The fresh list of designations by the Nigerian government, including Mr Adamu and the two firms linked to him, is as follows:

1. Ibrahim Yakubu Ogirima (NLISWi.19)

2. Muktar Muhammad Adamu (NLISWi.20)

3. Adamu Chiroma (NLISWi.21)

4. Ibrahim Abubakar (NLISWi.22)

5. Abdullahi Umar Usman (NLISWi.23)

6. Babangida Muhammed Adamu Hammajam (NLISWi.24)

7. Abbal Bako & Sons Bureau De Change Limited (NLISWe.25)

8. Generation Currency BDC Limited (NLISWe.26)

9. Nine to Nine BDC Limited (NLISWe.27)

Mrs Jedy-Agba asked banks and designated non-financial businesses and professions, including lawyers, accountants and others, in Nigeria to immediately give effect to the designation of the six persons and three entities by freezing their assets and reporting them, any matches and their transactions to the appropriate authorities.

“The Federal Government reiterates its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions’ obligations, including asset-freezing requirements, the filing of Suspicious Transaction Reports and the reporting of all relevant matches to the appropriate authorities,” the statement said.

The US sanctions also mean that all property and interests in property belonging to the designated individuals and entities that are within the United States or under the control of US persons are blocked. Also, US citizens and businesses are also generally prohibited from conducting transactions with them unless authorised by OFAC.

OFAC further warned that foreign financial institutions and other persons that knowingly facilitate significant transactions or provide material support to the sanctioned individuals or entities could themselves face US sanctions.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) had said in a statement on Monday that Mr Muhammad, also known as “Mukhtar Adamu Muhammad”, of facilitating financial transactions and money transfers on behalf of ISIS-West Africa, popularly known as Islamic State West Africa Province (ISWAP).

Sanctioned by OFAC along with Mr Muhammad are Nine To Nine Exchange Bureau De Change Limited, Generation Currency Bureau De Change Limited, and Manhattan Bureau De Change Limited, which OFAC alleged are owned, controlled or directed by Mr Muhammad and were used to move funds for the terrorist organisation.

PREMIUM TIMES reported that ISWAP, a second breakaway faction of Boko Haram, has been responsible for years of deadly attacks across Nigeria’s North-east and the Lake Chad region.

Business

Petrol Prices Drop at Filling Stations Nationwide

Published

3 days ago

June 23, 2026

The Daily Voice

Pump prices of Premium Motor Spirit (PMS) have begun to drop at filling stations in some parts of Lagos and Ogun states following the recent reduction in the gantry price of petrol by the Dangote Petroleum Refinery. This price adjustment responds to the reduction in global crude oil prices as Iran and the United States reached an agreement.

Punch reports that at the SGR filling station in Mowe, Ogun state, a litre of petrol sells for N1,199, the lowest price encountered at the stops we visited. NIPCO, SAO, AP and MRS filling stations dispense a litre of fuel at N1,205 per litre, while Mobil petrol stations sell at N1,220 per litre.

A litre at Heyden’s station in Iperu went for N1,285 per litre. Other filling stations selling petrol at N1,245 per litre include NNPC Retail outlets in Ogun state.

Chinedu Ukadike, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told Legit. during an interview that many filling stations are yet to reduce prices below N1,300 per litre because they are still managing old stock purchased at higher rates.

He explained that immediate price cuts could lead to losses for marketers still holding expensive inventory.

Ukadike said: “This announcement is enabling people who have old stocks to clear out their stocks, not only clearing out their stocks but also enabling them to prepare to take the fresh stocks.”

“Once the Dangote refinery announces a new price, there is a serious pause in loading. It will enable people who just bought new products to see how they can clear the old stocks within a window of a day or two.” He said once new products enter circulation, pricing adjustments will naturally follow.

Ukadike identified the cost of funds as another key factor affecting petrol pump prices, noting that financing expenses influence how quickly marketers adjust prices.