The decision of Nigeria to implement naira-for-crude oil policy has been rated as permanent and sustainable solution to the cost of living crisis.
The Tinubu Media Support Group (TMSG) said in a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo.
TMSG said the move would lay to rest, the heightened anxiety that trailed the suspension of the policy at the end of the initial six-month arrangement with local refiners.
The policy is the sale of crude oil in local currency, Naira, to local refineries against the sale in dollars.
“Like all Nigerians, we saw how President Bola Tinubu’s approval of the sale of crude in naira to local refineries significantly reduced the cost of petroleum products from the Dangote Refinery at the outset of the policy.
“We also acknowledge that at the time it was introduced in October 2024, it was for six months in the first instance, subject to negotiations, but now the administration has made it a permanent key policy initiative which it said was ‘designed to support sustainable local refining’
“This, for us, is a good development that will help conserve foreign exchange, especially as there will be no need for the use of dollars for domestic crude or petroleum products transactions.
“But more importantly, it will keep the pump price of fuel and other petroleum products stable. Invariably, this will guarantee energy security with a resultant positive effect on the cost of living in a country where prices of goods and services are tied to fuel prices.
“So by ensuring that local refiners do not have to scramble for foreign exchange to buy crude, the government has effectively stalled the unnecessary increase in the pump price of fuel.
“We now expect oil marketers to take advantage of the new policy and ensure that it reflects in the pricing of fuel once the new policy takes full effect,” it explained.
The group expressed hope that the relief expected from the policy would translate to a reduction in prices of goods and services in the long run.
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