The Federal Government has announced that sales of crude oil to Dangote Refinery and other local refineries will commence in naira starting October 1, 2024.
This decision was revealed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a meeting with the Implementation Committee in Abuja on Monday.
The announcement was shared through the finance ministry’s official X page, highlighting that the meeting focused on discussing progress on major initiatives.
Key tasks were outlined for various stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Central Bank of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank.
The official post stated, “The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.
The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.”
Additionally, Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, and the Chairman of the Technical Sub-Committee reported that the first delivery of Premium Motor Spirit (PMS) from Dangote is expected next month under existing agreements.
Updates on the Port Harcourt and Dangote Refineries were also discussed, with significant production increases anticipated from November 2024.
Minister Edun emphasized the importance of transparency and instructed the Technical Sub-Committee to finalize the details and prepare a report for the President, indicating that the new procedures would be implemented starting in September.
