President Bola Tinubu’s naira-for-crude policy has helped secure Nigeria’s energy supply despite the ongoing Middle East crisis, according to a presidential aide.
Temitope Ajayi, Senior Special Assistant on Media and Publicity to the President, made this known in an article released in Abuja, where he outlined the impact of the policy since its introduction.
In the piece titled “Middle-East Crisis: How Tinubu’s Policy of Naira-for-Crude Guarantees Supply Security in Nigeria,” Ajayi said the president showed foresight in July 2024 by approving the use of the naira to pay for crude oil supplied by NNPC Limited to local refineries.
He explained that since the policy took effect on October 1, 2024, Nigeria has recorded a significant breakthrough, even as global markets face disruptions caused by the Middle East conflict.
According to him, a technical committee—comprising the Minister of Finance, Wale Edun, and the Executive Chairman of the Nigerian Revenue Service, Zacch Adedeji—has developed a strong framework to sustain supply, stabilise the economy, and protect Nigeria’s energy future.
Ajayi noted that the ongoing conflict involving the United States, Israel, and Iran has entered its sixth week, with Iran’s reported closure of the Strait of Hormuz disrupting over 20 per cent of global oil and gas flows. This, he said, has triggered sharp increases in fuel prices and created energy challenges across many parts of the world.
He added that countries in Europe, Asia, Africa, and the United States are already grappling with fuel shortages, rising costs, and broader economic strain, forcing some to adopt emergency measures such as reduced workdays, remote work, and limits on fuel consumption.
Despite these global pressures, Ajayi said Nigeria has largely avoided fuel scarcity due to improved local refining capacity. He highlighted the role of the Dangote Refinery in cushioning the impact of the crisis, helping to maintain steady supply within the country.
He concluded that the naira-for-crude policy has positioned Nigeria to better withstand external shocks while strengthening its energy independence.
