The government overruled the decision of the NNPCL under its former boss Mele Kyari, which tenured the initiative.

The Federal Government says its naira-for-crude initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining”.

The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss, Mele Kyari, which tenured the initiative.

The Minister of Finance, Wale Edun, at a meeting with representatives of the Dangote Refinery on Tuesday, said the naira-for-crude is still in effect.

More to follow…