It also declared that the total crude oil and condensate reserves in Nigeria increased to 37.5 billion barrels as of January 1, 2024, with a life index of 68.01 years. 

The Nigerian government has finally complied with the demands of domestic crude oil refiners and other operators in the sector, as it declared on Monday that indigenous refineries can now buy crude oil in naira or dollars. 

Responding to a question on the currency of transaction for crude oil purchase, as approved in the new template, Komolafe stated that it would be either in naira or dollar, adding that naira transactions would free the pressure on the countrys foreign exchange rate.

So the answer simply is that the currency for the transaction would either be in naira or dollar. That is the simple answer. 

That will help the exchange rate.

So that is the intent and besides, the overall intent of the Petroleum Industry Act is to develop our midstream, which is a very laudable provision of the PIA. 

Where the payment is in both currencies, the payment split shall be as agreed in the SPA between the producer and the refiner. 

Although not all of the plants are currently operational, the report stated that the functional ones were increasingly finding it difficult to purchase crude due to the foreign exchange crisis in the country.

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