Tinubu’s govt under pressure to retain naira-for-crude system as higher fuel prices loom

• The Centre for Energy Development and Economic Sustainability (CEDES) has called connected the national authorities to reinstate the Naira-for-Crude policy
• CEDES alleged that switching to a dollars-for-crude strategy could weaken section refineries by limiting entree to crude lipid astatine favorable rates, expanding Nigeria’s reliance connected substance imports
• The radical warned that abandoning the Naira-for-Crude strategy could origin petrol scarcity, inflation, and economical strain connected Nigerians, urging the authorities to reconsider the policy

FCT, Abuja - The Centre for Energy Development and Economic Sustainability (CEDES) has called connected the national authorities to instantly reinstate the Naira-for-Crude policy, informing that its discontinuation could pb to higher substance prices and economical instability.

In a connection cited by Legit.ng and issued successful Abuja connected Tuesday, March 25, 2025, CEDES alleged that the Nigerian National Petroleum Company Limited (NNPCL) had moved to regenerate the Naira-for-Crude strategy with a dollars-for-crude arrangement.

Tinubu's Govt Asked To Immediately Uphold Naira-For-Crude System As Higher Fuel Prices Loom
Source: Facebook

Hence, the radical warned that specified determination could hinder section refinery operations and summation Nigeria’s reliance connected substance imports.

Concerns implicit section refining and economical impact

Dr. Umar Sani, Executive Director of CEDES, cautioned that the displacement successful argumentation could weaken section refineries by making it much hard for them to entree crude lipid astatine favorable rates.

He argued that the erstwhile Naira-for-Crude strategy had ensured a dependable proviso of crude to Nigerian refineries, reducing reliance connected substance imports and redeeming the authorities invaluable overseas exchange.

“It is concerning that alternatively of strengthening section refining capacity, this displacement could marque it much hard for refineries to run effectively. The effect could beryllium an accrued dependency connected imports, which comes astatine the detriment of nationalist economical stability,” Sani stated.

He further highlighted that nether the Naira-for-Crude system, the authorities was capable to power petrol pricing much efficiently portion limiting excessive overseas speech expenditure connected substance imports.

Potential Impact connected Fuel Prices and Inflation

CEDES warned that abandoning the Naira-for-Crude statement could pb to substance scarcity, rising petrol costs, and heightened inflation, further worsening economical hardship for Nigerians.

“With this shift, we are astatine hazard of seeing higher petrol prices, substance shortages, and a strain connected the economy. The load volition yet autumn connected mean Nigerians, who are already struggling with ostentation and economical uncertainty,” Sani added.

While CEDES expressed beardown absorption to the alleged shift, the NNPCL has yet to officially respond to the claims. However, energy assemblage analysts suggest that immoderate argumentation accommodation should beryllium cautiously examined to equilibrium section refining needs with broader economical considerations.

Calls for authorities intervention

Tinubu's Govt Asked To Immediately Uphold Naira-For-Crude System As Higher Fuel Prices Loom
Source: Twitter

The enactment urged the national authorities to instrumentality contiguous enactment successful reviewing and reinstating the Naira-for-Crude system, emphasizing the request to enactment section refining capableness arsenic portion of broader vigor information and economical sustainability efforts.

“We telephone connected the authorities to reconsider this argumentation absorption and prioritize the semipermanent benefits of section refining. Maintaining the Naira-for-Crude strategy volition not lone heighten vigor information but besides guarantee economical stableness for the country,” Sani concluded.

As discussions connected substance pricing and refinery operations continue, manufacture experts and stakeholders are keenly watching however the authorities volition code the concerns raised by CEDES and different advocacy groups.

New pump prices expected arsenic outgo of substance increases

Earlier, Legit.ng reported that petroleum marketers said that petrol prices astatine the pump successful Nigeria could emergence to astatine slightest N930 per litre nationwide.

The prediction followed different summation successful the ex-depot terms of petroleum products by backstage depots. Companies similar Pinnacle, AIPEC, Rainoil Lagos, and WOSBAB reported this latest terms adjustment.

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Source: Legit.ng