Because the Naira-For-Credo policy is the best for the economy

The oil sector in Nigeria has always been the topic of the day. Online. Offline. On the radio. Also in public transport. If you want to start a conversation on everywhere in this country, just mention “fuel”. The reactions will begin to arrive. The price. Scarcity. The queues. Corruption. It is personal for everyone because we have built an entire nation that depends on oil as if it were the only thing to keep Nigeria alive. We cannot discuss infrastructure, health care, education or even wages in many states without relying on oil revenues.

Before removing the fuel subsidy under the current administration (president of Bola Ahmed Tinubu), Nigeria was already burdened by an unsustainable level of debt. Year after year, billions were spent to maintain the fuel appearance at affordable prices. This reality has benefited in a disproportionate way and even some politicians leaving the poor at disadvantage. It was a system that forced the country to import what it could produce. In an attempt to correct this long-standing imbalance, the government has introduced a new approach: the Naira-For-Crude policy.

Politics emerged as an response to excessive dependence on Nigeria to imported refined oil products, persistent FX pressures and underutilized local refining capacity. It has been approved by the Federal Executive Council to promote the sale of crude oil and refined oil products in Naira, in particular for internal consumption, to strengthen local production, reduce demand in dollars and support larger reforms following the removal of subsidies for fuel.

It is one of those things that looks very technique on paper, but when it breaks it down, it is a question of making Nigeria act like a country that actually has oil. The idea is this: to sell our crude oil to local refineries in Naira. Perfection it. Sell ​​the products in Nigeria, still in Naira. Not dollars. Not ious. Actual transactions of Naira. No longer running in an attempt to get dollars just to exchange our resources at home.

In August 2024, the Federal Government inaugurated the implementation committee for the Naira-For-Crude policy. Politics officially began on October 1, 2024, when the Nigerian Nigerian Nigleum Nigoleum Company Belgerian began to provide about 385,000 barrels per day of crude oil to the refinery of dance, with payments made in Naira.

Many interested parties are involved in the Naira-For-Crude policy. The implementation committee supervises its launch, with Dr. Zacch Adedeji, executive president of the Federal Inland Revenue Service (FIRS), head of the technical subcommittee. Politics is built on four main principles: allocation of crude oil to local refineries, transactions conducted in Naira, the central bank of Nigeria which establishes a reference exchange rate and the authority for the Nigerian ports (NPA) which supervises the process through a one -stop shop for authorizations and Levi.

The technical subcommittee guarantees that these principles are supported during the management of the regulatory process and aligning politics with national objectives such as reducing dependence on foreign currency, achieving self -sufficiency and maintenance of market stability.

The Naira for raw politics aims to relieve the burden for our economy while strengthening the relevant sectors. For Nigeria, as a country, it reduces the pressure on the dollar, helps us to save our foreign reserves and makes room for a more stable financial system. For the interested parties such as refineries, marketing experts and government bodies, it simplifies the way companies are made, simplifies transactions and encourage greater investments. And for everyday Nigerian, the goal is to ensure that fuel is more available, it reduces how much we rely on imports and guarantee our energy needs in a way that actually works for us.

Naira’s policy for Greggio promotes a favorable corporate environment, reduces monopolistic power and guarantees the competitive prices of the pumps. Provides citizens with a strong sense of inclusion and the freedom to choose.

Naira-For-Crude makes much sense. We did things in the hardest way for too long, purchasing what we produce and spend dollars that we do not have. This new policy is finally at Nigeria: “Let’s fix it from the inside”. As mentioned above, it is not only politics. It is common sense.

Politics is a project for the future. By changing the way we manage our resources, we are resuming control. It is time for Nigeria to pass from simple management to the flourishing. We are doing it big, don’t go back!

Arabinrin Adneronke Atayebi is the technical assistant in the transmission media of the executive president of the Federal Inland Revenue Service