FG Dismisses Reports of Failed Crude Oil Forward Sale, Says Discussions Still Ongoing
The Federal Government has refuted claims that the proposed crude oil forward sale deal involving NNPC Ltd has collapsed.
Officials confirmed that negotiations are still ongoing, aiming to secure maximum economic gains for the country.
The Federal Government has dismissed circulating media reports suggesting that the anticipated forward sale of crude oil involving the Nigerian National Petroleum Company Limited (NNPC Ltd) has collapsed, calling such claims premature and inaccurate.
The clarification came on the heels of widespread speculation across traditional and digital media platforms, which alleged that the proposed oil-backed transaction had fallen through amid ongoing economic reforms. These reports, according to the government, do not reflect the current status of the negotiations or the broader strategy being adopted to optimize the country’s oil wealth.
In a statement released on Wednesday, June 11, 2025, by the Director of Information and Public Relations at the Federal Ministry of Finance, the government made it clear that while discussions are ongoing, no final agreement has been reached. The ministry emphasized that it remains committed to exploring financial instruments and strategic partnerships aimed at strengthening Nigeria’s foreign reserves and stabilizing the economy.
“Contrary to reports in some sections of the media, there is no official confirmation that the crude oil forward sale deal has failed. What is ongoing is a series of high-level engagements to structure the deal in a way that guarantees the country maximum economic benefits,” the statement read.
The forward sale of crude oil is one of several financing mechanisms being considered as part of the government’s broader fiscal and monetary reforms. With the country striving to attract foreign investment, boost foreign exchange inflows, and reduce reliance on borrowing, the administration has been weighing various options to monetize oil reserves without jeopardizing future revenue streams.
According to the Ministry of Finance, the current administration is prioritizing transparency and due diligence in all its dealings, especially those involving national assets and natural resources. The statement noted that while speculative reports are common in volatile sectors like oil and gas, such narratives should not be taken as factual unless confirmed through official channels.
“Market discussions around crude sales are not uncommon and are often driven by global oil price fluctuations, investment interests, and geopolitical dynamics. However, the assumption that any transaction has collapsed is speculative at best and not grounded in any formal disclosure,” the government stressed.
As part of the ongoing economic recovery plan, the Federal Government reiterated its commitment to strengthening institutions like the NNPC Ltd, aligning them with global best practices in resource management and corporate governance. It added that the oil and gas sector remains a critical pillar of national development and will continue to be strategically managed to ensure long-term sustainability.
The ministry also urged the media and the public to rely on verified information and refrain from spreading unsubstantiated claims that may cause unnecessary concern or affect investor confidence.
While talks continue behind closed doors, Nigerians await clearer details on how the proposed oil deal will be structured, the timelines involved, and its implications for national revenue, especially at a time when foreign exchange shortages and inflation continue to pose serious challenges to the economy.
As the government works toward achieving greater economic stability, it has assured citizens that any agreement reached regarding oil sales will be made public in due course and will reflect the country’s best interests.
