FG heeds to Nwoko’s Economic vision on Naira for Crude Sales

The recent decision by the Federal Executive Council (FEC) to peg the sale of Nigeria’s crude oil to the Naira is a bold and commendable move, one that aligns with the long-standing economic advocacy of Senator Prince Ned Munir Nwoko.

For years, Senator Ned has urged the Federal Government to prioritize the Naira by insisting that all goods, services, and wages paid within Nigeria, including those for expatriates, be done strictly in our local currency. At several budget defense sessions, he challenged the practice of paying foreign workers in dollars, rightly arguing that it fuels inflation, weakens the Naira, and sustains a damaging parallel market.

This crude-for-Naira policy is a critical first step toward economic sovereignty. By reducing reliance on the dollar, Nigeria can stabilize fuel prices, rein in FX speculation, and rebuild confidence in the local currency. But implementation is key.

Senator Ned has always emphasized a multifaceted approach: strengthen the Naira, regulate the parallel market, enforce local currency payments, and hold companies accountable. These efforts must go hand in hand.

As Nigeria embraces this new path, it is clear that Senator Ned Nwoko’s holistic economic vision is our necessary option. The future of our economy lies in the strength of our currency, the discipline of our policies, and the courage to see them through.

Hon. Gloria Okolugbo Director Communications Office of Senator Prince Ned Munir Nwoko Chairman Senate Adhoc Committee on Crude Oil Theft. Federal Republic of Nigeria.