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Update : FG confirms continuation of crude, refined product sales in Naira initiative, Says Wale Edu
The Federal Government has confirmed the crude and refined product sales in Naira initiative remains a standing national policy and will continue indefinitely.
However, the policy will stay in place as long as it serves the public interest and supports Nigeria’s broader economic goals.
This assurance was contained in the official X (formerly Twitter) handle of the Federal Ministry of Finance on Wednesday morning amid growing inquiries on the status of the policy.
The Ministry stated the initiative, first approved by the Federal Executive Council (FEC), is a long-term strategic directive and not a short-term or provisional measure.
According to the Ministry, stakeholders have reconvened to reiterate their full support and ongoing commitment to ensuring the successful implementation of the initiative.
The policy, which mandates the transaction of crude oil and refined petroleum products in Naira, is aimed at strengthening the country’s economic sovereignty, enhancing local refining capacity, and stabilizing the foreign exchange market by reducing the demand for dollars in domestic petroleum transactions.
The Ministry explained that this policy is structured to foster energy security and encourage investment in domestic refining infrastructure.
“The Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the statement reads.
While acknowledging that the transition involves complexities, the government admitted that existing challenges are being systematically addressed.
“As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties,” the Ministry said.
To assess the progress made and address lingering implementation issues, the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative held a review meeting on Tuesday. The gathering brought together key figures involved in the execution of the policy.
Among the attendees were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who chairs the Implementation Committee; and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who heads the Technical Sub-Committee.
Also present were the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives from the Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), and the Nigerian Ports Authority (NPA). A representative from Afreximbank and the Secretary of the Committee, Hauwa Ibrahim, also attended.
This policy, which aligns with the government’s broader economic reform agenda, is expected to support local content development, ease pressure on Nigeria’s foreign reserves, and provide a more predictable pricing structure for refined petroleum products in the domestic market.
The presence of major players from both the public and private sectors at the meeting shows the scale of collaboration required to sustain the policy. It also reflects the growing confidence in Nigeria’s shift toward economic policies that prioritize local capacity and currency resilience.
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Awujale Family to KWAM 1: Provide Proof of Lineage or Stop Claim, Cautions Against ‘Strangers’
The Fusengbuwa ruling house of Ijebu-Ode, next in line to produce the new Awujale of Ijebuland, Ogun State, has directed popular Fuji musician, Wasiu Ayinde, popularly known as KWAM 1, to complete the family’s royal lineage data form to establish his legitimate membership in the ruling house.
The Chairman of the ruling house and former National President of the Institute of Chartered Accountants of Nigeria, Abdulateef Owoyemi, told our correspondence on Saturday that only bonafide members of the family would be allowed to participate in the selection process.
Ayinde, in a letter dated December 3, 2025, addressed to the chairman of the Fusengbuwa Ruling House in Agunsebi Quarters, Ijebu-Ode, announced his interest in the stool.
The Fuji icon described himself as a “bonafide son” of the ruling house, adding that his candidacy aligns with Ijebu customary law and the Ogun State Chieftaincy Laws.
The letter went viral on social media on Friday, sparking reactions from members of the public.
However, Owoyemi explained that the Olori Omooba of Ijebu land had been directed to complete the Fusengbuwa ruling house royal lineage data form.
He stressed that the form, which requires contenders to trace their genealogy back seven generations, ensures that only genuine princes from the family can participate, thereby blocking “strangers” from claiming the throne.
He said, “The first step for anyone interested in contesting for the Awujale throne is to declare their lineage by filling the standard Fusengbuwa ruling house royal lineage data form. Once confirmed as a legitimate member of the ruling house, they can then apply for the expression of interest form.
“We have told him, just like everyone else interested in the Awujale throne, that the first step is to declare his lineage. He will do this by completing the royal lineage data form, showing his full name, which parent and grandparent he descends from, and continuing up to seven generations.
“The completed form will be signed and submitted to the head of the ruling house unit of the Fusengbuwa ruling house, who will affirm that he is a genuine member. Only then will the process move forward.”
Although the application window for the throne officially closed on December 5, Owoyemi said KWAM 1 had been given an extension of five days, which would lapse on December 10.
“We won’t shut anybody out of picking the next Awujale, but we must ensure that you are a legitimate member of Fusengbuwa. Every right comes with responsibilities. For a royal family, everyone must prove their legitimacy by completing the royal lineage data form.
“When we receive the form, we will review it meticulously. If clarification is needed, we will contact the applicant. We welcome men of influence who will use their influence to enhance the throne, not to claim it, ensuring that what truly belongs to our family is preserved,” he said.
Owoyemi explained that the ruling house hoped to have a new Awujale by the second or third week of January 2026.
“The local government has given us 14 days to select candidates, which expires on December 18. After that, the kingmakers have seven days to deliberate and choose one candidate, whose name will be forwarded to the governor.
“Legally, the government then has 21 days to conduct background checks and security clearance, allowing for objections or protests. After this period, the State Executive Council will ratify the nominee, and the governor will announce the next Awujale, after which coronation rites will commence.
“So, combining the candidate selection, kingmakers’ deliberation, and legal objection period, we are looking at around 42 days. Therefore, we expect the next Awujale to emerge between the second and third week of January,” Owoyemi said.
The Fusengbuwa ruling house of Ijebu-Ode, next in line to produce the new Awujale of Ijebuland, Ogun State, has directed popular Fuji musician, Wasiu Ayinde, popularly known as KWAM 1, to complete the family’s royal lineage data form to establish his legitimate membership in the ruling house.
The Chairman of the ruling house and former National President of the Institute of Chartered Accountants of Nigeria, Abdulateef Owoyemi, told our correspondence on Saturday that only bonafide members of the family would be allowed to participate in the selection process.
Ayinde, in a letter dated December 3, 2025, addressed to the chairman of the Fusengbuwa Ruling House in Agunsebi Quarters, Ijebu-Ode, announced his interest in the stool.
The Fuji icon described himself as a “bonafide son” of the ruling house, adding that his candidacy aligns with Ijebu customary law and the Ogun State Chieftaincy Laws.
The letter went viral on social media on Friday, sparking reactions from members of the public.
However, Owoyemi explained that the Olori Omooba of Ijebu land had been directed to complete the Fusengbuwa ruling house royal lineage data form.
He stressed that the form, which requires contenders to trace their genealogy back seven generations, ensures that only genuine princes from the family can participate, thereby blocking “strangers” from claiming the throne.
He said, “The first step for anyone interested in contesting for the Awujale throne is to declare their lineage by filling the standard Fusengbuwa ruling house royal lineage data form. Once confirmed as a legitimate member of the ruling house, they can then apply for the expression of interest form.
“We have told him, just like everyone else interested in the Awujale throne, that the first step is to declare his lineage. He will do this by completing the royal lineage data form, showing his full name, which parent and grandparent he descends from, and continuing up to seven generations.
“The completed form will be signed and submitted to the head of the ruling house unit of the Fusengbuwa ruling house, who will affirm that he is a genuine member. Only then will the process move forward.”
Although the application window for the throne officially closed on December 5, Owoyemi said KWAM 1 had been given an extension of five days, which would lapse on December 10.
“We won’t shut anybody out of picking the next Awujale, but we must ensure that you are a legitimate member of Fusengbuwa. Every right comes with responsibilities. For a royal family, everyone must prove their legitimacy by completing the royal lineage data form.
“When we receive the form, we will review it meticulously. If clarification is needed, we will contact the applicant. We welcome men of influence who will use their influence to enhance the throne, not to claim it, ensuring that what truly belongs to our family is preserved,” he said.
Owoyemi explained that the ruling house hoped to have a new Awujale by the second or third week of January 2026.
“The local government has given us 14 days to select candidates, which expires on December 18. After that, the kingmakers have seven days to deliberate and choose one candidate, whose name will be forwarded to the governor.
“Legally, the government then has 21 days to conduct background checks and security clearance, allowing for objections or protests. After this period, the State Executive Council will ratify the nominee, and the governor will announce the next Awujale, after which coronation rites will commence.
“So, combining the candidate selection, kingmakers’ deliberation, and legal objection period, we are looking at around 42 days. Therefore, we expect the next Awujale to emerge between the second and third week of January,” Owoyemi said.
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BREAKING: Appeal Court Rules VIO Cannot Stop or Impound Motorists’ Vehicles
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The Court of Appeal in Abuja has affirmed the October 4, 2024 judgment of a Federal High Court in Abuja barring the Directorate of Road Traffic Services (popularly called VIO) from further stopping, impounding, or confiscating vehicles on the road and imposing fines on motorists.
In a judgment on Thursday, a three-member panel of the appellate court resolved the three issues identified for determination against the appellant, the Directorate of Road Traffic Services.
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Justice Oyejoju Oyebiola Oyewumi, who delivered the lead judgment, held that the appeal was without merit. She awarded a cost of N1million against the appellant and in favour of the respondent, a rights activist and public interest attorney, Abubakar Marshal.
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Breaking : Ex-CDS Musa Gets Tinubu’s Nod for Defence Minister Role
President Bola Tinubu has nominated a former Chief of Defence Staff, General Christopher Musa, as the new Minister of Defence.
The nomination was conveyed in a letter sent to Senate President, Godswill Akpabio, on Tuesday, announcing Musa as the replacement for Mohammed Badaru, who resigned from the position on Monday due to health reasons.
In his letter to the Senate, the President expressed confidence in Musa’s capacity to lead the defence ministry and strengthen Nigeria’s security framework.
The nomination was confirmed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
The statement added, “General Musa, 58, on December 25, is a distinguished soldier who served as Chief of Defence Staff from 2023 until October 2025. He won the Colin Powell Award for Soldiering in 2012.
“Born in Sokoto in 1967, General Musa received his primary and secondary education there before attending the College of Advanced Studies in Zaria. He graduated in 1986 and enrolled at the Nigerian Defence Academy the same year, earning a Bachelor of Science degree upon graduation in 1991.
“General Musa was commissioned into the Nigerian Army as a Second Lieutenant in 1991 and has since had a distinguished career.
“His appointments include General Staff Officer 1, Training/Operations at HQ 81 Division; Commanding Officer, 73 Battalion; Assistant Director, Operational Requirements, Department of Army Policy and Plans; and Infantry Representative/Member, Training Team, HQ Nigerian Army Armour Corps.
“In 2019, he served as Deputy Chief of Staff, Training/Operations, Headquarters Infantry Centre and Corps; Commander, Sector 3, Operation Lafiya Dole; and Commander, Sector 3 Multinational Joint Task Force in the Lake Chad Region.
“In 2021, General Musa was appointed Theatre Commander, Operation Hadin Kai. He later became Commander of the Nigerian Army Infantry Corps before being appointed Chief of Defence Staff by President Tinubu in 2023.”
Newsthumb had earlier reported that Badaru, who was appointed Minister of Defence on August 21, 2023, cited ill health in his resignation letter.
A statement by Onanuga added that Tinubu had accepted the resignation and thanked him for his service to the nation.
The statement further noted, “President Tinubu will likely inform the Senate of Badaru’s successor later this week.
“His resignation comes amid President Tinubu’s declaration of a national security emergency, with plans to elaborate on its scope in due course.”
Badaru recently came under criticism following a BBC Hausa interview in which he said some terrorists could not be targeted because their forest hideouts were too dense for bombs to reach.
Stephen Angbulu
With three years of experience, Stephen, The PUNCH correspondent, has been covering Nigeria’s presidency, politics, security, immigration and trafficking in persons
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