…18.3 million following government policies and incentives. The NRS said the government’s naira-for-crude arrangement with the Dangote Petroleum Refinery and other domestic refineries had contributed to a major shift in Nigeria’s petroleum trade position. According to the report, the arrangement had helped Nigeria move…

…the president, when he assumed office on May 29, 2023, his administration introduced the naira-for-crude to stabilise the currency, stressing that there is no need for letters of credit and paperwork. He said Nigeria has the the population, brains, and audacity to achieve a one-trillion-dollar economy. Tinubu said, “We…

…by Vanguard showed that crude oil supply to the refinery under the Federal Government’s naira-for-crude arrangement has declined sharply, compelling the refinery to source a larger share of its feedstock from the international market. The investigation also revealed that although the refinery continues to sell petroleu…

…effectively ends the naira payments initially established under the Federal Government's naira-for-crude agreement. Under the new structure, all previously issued naira-denominated Proforma Invoices and Deal Recaps for gantry and coastal transactions have been declared invalid.The refinery's Group Commercial Operations…