The Crude Oil Refinery-owners Association of Nigeria (CORAN) has confirmed the end of the Naira-for-Crude initiative of the Federal Government which was aimed at supporting local refineries.

The National Publicity Secretary of CORAN, Eche Idoko, in a chat with Nairametrics, explained that the first phase of the Naira-for-crude arrangement was meant to end in March and it has ended.

The Crude Oil Refinery-owners Association of Nigeria (CORAN) has confirmed the end of the Naira-for-Crude initiative of the Federal Government which was aimed at supporting local refineries.

The National Publicity Secretary of CORAN, Eche Idoko, in a chat with Nairametrics, explained that the first phase of the Naira-for-crude arrangement was meant to end in March and it has ended.

Idoko, however, clarified that contrary to speculations that the arrangement was terminated by the Nigeria National Petroleum Company Limited (NNPC), the first phase of the arrangement has ended.

He noted that the association is hoping for a renewal but has yet to hear from the federal government on that.

He said: “The Naira for Crude agreement was supposed to end in March as the first phase and it has ended and we are yet to get the government’s renewal.

“So it was not as if the NNPC terminated it. The original agreement was that it was supposed to end, the pilot phase was supposed to end in March, and then after which they would assess it and see whether it was of any impact and then renew.

“They have not communicated to us on that and so that’s where we are now.”

Source: Nairamatrics