The federal government has resumed its naira-for-crude oil deal, signaling a renewed push to conserve foreign exchange and strengthen the local currency. This comes alongside new reforms in aviation, electricity regulation, and telecoms.
The Ministry of Finance confirmed the continuation of the policy after a meeting with the technical sub-committee on crude and refined product sales. The meeting was chaired by Finance Minister Wale Edun and Federal Inland Revenue Service (FIRS) boss, Zacch Adedeji.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative,” the ministry said in a statement.
Also speaking last week, Edun said Nigeria is well-positioned to weather global economic shocks, including the recently announced U.S. import tariffs. While oil exports are exempt, the broader market impact could still be felt through falling oil prices, he warned.
In its latest report, the Central Bank of Nigeria (CBN) announced a $6.83 billion balance of payments (BoP) surplus for 2024, reversing deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022 respectively. Petroleum imports dropped 23.2% to $14.06 billion, while non-oil imports declined 12.6% to $25.74 billion.
At the Murtala Muhammed International Airport, Lagos, the Federal Airports Authority of Nigeria (FAAN) has ended physical luggage screening. The agency cited new Rapiscan scanning systems installed at both old and new terminals, aimed at improving security and reducing passenger wait times.
In the power sector, the Nigerian Electricity Regulatory Commission (NERC) fined eight power distribution companies a total of N628 million for overbilling unmetered customers. The affected firms include Abuja, Ikeja, Eko, Kano, Jos, Enugu, Kaduna, and Yola DisCos.
Meanwhile, the Nigerian Communications Commission (NCC) is proposing new guidelines requiring telecom providers to allow subscribers reclaim unused airtime on inactive SIM cards. The draft policy aims to strengthen consumer protection in the rapidly evolving telecom market.
In the oil and gas sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that Nigeria’s crude oil reserves dropped slightly to 37.28 billion barrels in January, down from 37.5 billion barrels a year earlier. Gas reserves, however, rose to 210.54 trillion cubic feet, up from 209.26 tcf.
These developments reflect the federal government’s broader economic reform strategy aimed at improving efficiency, enhancing consumer protection, and stabilizing the macroeconomic environment.
