By Christopher Oji
Senator Ned Nwoko has described the decision by the Federal Executive Council (FEC) to peg the sale of Nigeria’s crude oil on naira as a bold and commendable move.
According to the Director of Communications, Office of Senator Ned Munir Nwoko, Chairman Senate Adhoc Committee on Crude Oil Theft, Gloria Okolugbo, “the decision of the FEC is one that aligns with the long-standing economic advocacy of Nwoko.
“For years, Nwoko has urged the Federal Government to prioritise 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 defence sessions, he has 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 stabilise fuel prices, rein in FX speculation and rebuild confidence in the local currency. But implementation is key.
“Senator has always emphasised 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 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.”