The Tinubu Media Support Group, TMSG, has commended the Federal Government’s decision to make the naira-for-crude oil policy a permanent feature of its energy and economic strategy, describing it as a bold and sustainable solution to Nigeria’s deepening cost of living crisis.
In a statement released in Abuja on Tuesday, Mr. Emeka Nwankpa, Chairman of the advocacy group, said the move has the potential to stabilize fuel prices, conserve foreign exchange, and ultimately reduce the soaring cost of goods and services across the country.
According to Nwankpa, Nigerians saw immediate benefits from the temporary rollout of the policy in October 2024, when President Bola Ahmed Tinubu approved the sale of crude oil to local refineries in naira instead of US dollars. One such benefit was the drop in the cost of petroleum products from the Dangote Refinery, a development that gave consumers a much-needed break from rising fuel prices.
“We saw how the approval of crude sales in naira significantly reduced the cost of petroleum products when it was first introduced. It was a well-timed intervention,” Nwankpa said.
He explained that the initial arrangement was for six months, after which it was to be reviewed. With its extension and elevation into a permanent policy, the government has demonstrated commitment to supporting local refining capacity and ensuring energy security.
READ ALSO: FEC orders compliance with Naira-Crude deal
Nwankpa highlighted that the elimination of dollar-denominated transactions in the domestic oil sector would reduce the pressure on Nigeria’s foreign exchange reserves, which have been under strain due to fluctuating crude oil prices and declining exports.
“This is a win for the economy. Local refiners no longer have to scramble for dollars to buy crude oil. That removes a major barrier to stable fuel pricing,” he said.
He emphasized that stabilizing the pump price of fuel would have a ripple effect on the economy, as transportation costs—and by extension, the prices of goods and services—are tightly linked to fuel costs.
TMSG called on oil marketers and stakeholders in the downstream sector to align with the federal government’s vision by ensuring that the benefits of the naira-for-crude policy are reflected at the pumps.
“We expect the price of fuel to remain stable, if not drop, under this new regime. Oil marketers must pass on the savings to the public,” Nwankpa insisted.
He expressed optimism that as the policy matures, it would contribute to long-term economic relief for Nigerians and boost investor confidence in the domestic oil and gas sector.
NAN
