– TMSG backs naira-for-crude policy to reduce fuel costs
– Naira-based crude deals aimed at stabilizing Nigeria’s economy
– Tinubu’s government pushes for local currency transactions in oil trade
The Tinubu Media Support Group (TMSG) has endorsed the government’s naira-for-crude policy, seeing it as a solution to Nigeria’s cost-of-living crisis. By selling crude to local refineries in naira, the policy seeks to lower transaction costs, reduce reliance on foreign exchange, and stabilize fuel prices.
President Tinubu emphasized that the initiative supports local refineries and strengthens the naira. The policy, which began in October 2024, has faced challenges with the Nigerian National Petroleum Company Limited (NNPCL) reverting to dollar sales in March 2025. TMSG and other stakeholders call for the continuation of the naira-based deal to ensure economic stability and affordable fuel.
