The Tinubu Media Support Group (TMSG) says the federal government’s decision to make the naira-for-crude policy permanent is a sustainable solution to the cost of living crisis in the country.

Mr. Emeka Nwankpa, Chairman of the advocacy group, said this in a statement on Tuesday, April 22, 2025, in Abuja.
Nwankpa said this would lay to rest the heightened anxiety that trailed the suspension of the policy at the end of the initial six-month arrangement with local refiners.
According to him, like all Nigerians, we saw how President Bola Tinubu’s approval of the sale of crude in naira to local refineries significantly reduced the cost of petroleum products from the Dangote Refinery at the outset of the policy.
“We also acknowledge that at the time it was introduced in October 2024, it was for six months in the first instance, subject to negotiations.
“But now the administration has made it a permanent key policy initiative which it said is designed to support sustainable local refining.
“This, for us, is a good development that will help conserve foreign exchange, especially as there will be no need for the use of dollars for domestic crude or petroleum products transactions.”
Nwankpa added that, more importantly, the policy would keep the pump price of fuel and other petroleum products stable.
“Invariably, this will guarantee energy security with a resultant positive effect on the cost of living in a country where prices of goods and services are tied to fuel prices.
“So, by ensuring that local refiners do not have to scramble for foreign exchange to buy crude, the government has effectively stalled the unnecessary increase in the pump price of fuel.
“We now expect oil marketers to take advantage of the new policy and ensure that it reflects in the pricing of fuel once the new policy takes full effect,” he further said.
Nwankpa expressed hope that the relief expected from the policy would translate to a reduction in prices of goods and services in the long run.
A financial expert, Mr. Moses Igbrude, has urged the Federal Government to entrench the naira for crude oil policy to ensure its affordability and also help to moderate the inflation rate.
Igbrude, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), made the submission on Tuesday in Lagos.
He noted that entrenching the naira for crude oil policy was key in increased domestic supplies and growth of the sector.
“This might allow for stiff competition in the industry and the prices of refined petroleum could begin to moderate over time.
“This will, in turn, have a spillover effect on the cost of goods and services, as well as spurring businesses in the country,” Igbrude said.
He stressed that the federal government could invest in infrastructural renewal to ameliorate the cost of production.
“The government giving priority to reliable and renewable energy as well as a functioning railway system will accelerate growth.
“This will support domestic production and check the rising inflation rate,” Igbrude said.
He stressed that the monetary authorities should sustain the foreign exchange reforms to ensure its stability in the economy.
“This will ameliorate speculators and engender investment confidence within the business communities,” Igbrude said.
Also, Mr. Nnamdi Ifenkwe, Project Coordinator, Nisi Agro Allied Service, said that the government could address insecurity challenges fuelling food inflation.
“The government improving the security situation, especially in food hub states, will curb destructions in many farming settlements.
“This will ensure farmers return to various agrarian communities without being molested,” Ifenkwe said.
He noted that the exorbitant cost of transportation was partially responsible for the cost food producedede in the country.
“The cost of logistics from up north to down south has become too expensive, coupled with the various taxes on the road.
“This is being passed down to the final consumer through exorbitant food produce,” Ifenkwe said.
The National Bureau of Statistics (NBS) said the nation’s headline inflation rate rose to 24.23 per cent in March.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for March.
According to the report, the headline inflation showed an increase of 1.05 per cent compared to the 23.18 per cent recorded in February.
By Salif Atojoko and Simon Akoje