The Nigerian National Petroleum Company (NNPC) Limited says negotiation is ongoing for a new naira-for-crude deal with Dangote Petroleum Refinery.

NNPC announced in a statement on Monday after TheCable reported earlier that the government-owned oil company had reportedly suspended the naira-for-crude deal until 2030, as it has forward-sold all its crude oil.

The discontinuation will force refiners to rely on international suppliers for crude oil, gulping huge costs in dollars and triggering an uptick in the pump price of petrol.

However, Olufemi Soneye, the chief corporate communications officer of NNPC, said the current deal will expire at the end of March.

“NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery,” Soneye said.

“To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.”

Under the current arrangement, Soneye said NNPC has made over 48 million barrels of crude oil available to Dangote refinery since October 2024.

“In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023,” he said.

“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions.”

The sale of crude oil and refined petroleum products in naira to local refineries commenced on October 1, 2024, to improve supply, save the country millions of dollars in petroleum products imports, and ultimately reduce pump prices.

Uba Sani, governor of Kaduna, has introduced policies at the state scholarship and loans board to enable students from less-privileged backgrounds to obtain sponsorships with ease.

Yahya Saleh Ibrahim, executive secretary of the board, announced the policies on Sunday while speaking to journalists.

He said the governor has ordered the removal of tax clearance as a requirement for accessing scholarship.

Ibrahim also said although the writing of essays is still a requirement to access scholarship, it is however done “to determine areas of students’ weakness that require support”.

He said Sani has also created seven scholarship awards zonal units to make it easier for students in rural areas to be screened, easing the burden of coming to the board’s headquarters in Kaduna.

The units are Zaria, Kafanchan, Kachia, Pambegua, Makarfi, Kaduna-north and Kaduna south zones.

He said the governor has provided 30 computers to the various units to simplify the application process.

He also said the board now conducts on-the-spot scholarships for indigenous citizens across tertiary institutions, adding that this effort has “enlisted over 4330 potential beneficiaries awaiting disbursement”.

“A total of 3,397 students have been awarded local scholarships from May 2023 to date. Thirty students have benefitted from the third-party tertiary education loans,” he said.

“The board has also secured 50 scholarships for secondary school students, in collaboration with the ministry of education, for indigent students from the Indomie Noodles DOFIL Company Kaduna.

“The inclusion of government special scholarship intervention programs for innovation, aviation, meritorious, underprivileged, and People with Special needs (PLWD) students, in the state is in the heart of His Excellency’s agenda.”