The Naira-for-Crude deal has been a pivotal initiative aimed at stabilizing Nigeria’s economy by minimizing currency fluctuations and ensuring a steady supply of crude oil. This strategic arrangement benefits both the government and the citizens by securing local fuel prices and fostering economic growth. However, as fuel prices continue to rise, it’s essential to reconsider the structure of this deal.

Human Rights Writers Association of Nigeria (Huriwa) is urging President Tinubu to extend this deal to avert an impending fuel price hike. With rising inflation and the ongoing global oil crunch, failing to extend the naira-for-crude arrangement could lead to severe economic consequences. Huriwa’s plea emphasizes the urgency for lasting solutions that prevent economic destabilization and protect the Nigerian populace from the shock of fuel price increases.

Extending the naira-for-crude deal may not only stabilize fuel prices but could also enhance investor confidence. The continuation of this agreement could reassure stakeholders that the government is committed to maintaining economic stability. Additionally, it contributes significantly to ensuring fuel affordability for ordinary Nigerians, thereby promoting better living standards. In this volatile economic environment, decisive actions like extending this deal are crucial to sustaining public welfare.