The Federal Government’s panel investigating the alleged naira-for-crude oil transactions is set to reconvene on Monday to review findings and discuss further action. The controversy emerged following reports that certain oil marketers were allowed to purchase crude oil from the Nigerian National Petroleum Corporation Limited (NNPCL) using naira instead of U.S. dollars, violating standard international trade practices.
The probe, led by a special committee appointed by the presidency, aims to uncover the extent of these transactions, their legality, and their impact on the nation’s foreign exchange reserves. The issue has drawn widespread criticism from economic experts and industry stakeholders, who argue that selling crude oil in naira contradicts the federal government’s economic policies and could worsen Nigeria’s forex crisis.
Sources close to the investigation reveal that several high-ranking officials from the NNPCL, the Central Bank of Nigeria (CBN), and the Ministry of Petroleum Resources have been summoned to provide clarifications. Some lawmakers have also called for a thorough audit of recent crude oil sales to determine the full scope of the transactions.
Critics argue that allowing naira payments for crude oil could weaken Nigeria’s dollar inflow, as crude oil remains the country’s primary source of foreign exchange. The policy, if confirmed, may also discourage foreign investors who prefer dealing in globally recognized currencies.
The committee’s findings and recommendations are expected to shape future policies regarding crude oil transactions and Nigeria’s forex management. As the panel reconvenes, industry players and the general public eagerly await a resolution to the controversy.