The Federal Government has announced that sales of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.
This was disclosed in a statement by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun during a meeting with the Implementation Committee on Monday in Abuja via the official handle of the ministry.
At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank to ensure smooth implementation.
The post read, “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.”
Meanwhile, the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month under existing agreements.”
The statement also provided updates on the Port Harcourt and Dangote Refineries, with significant production increases expected from November 2024.
The minister highlighted the need for transparency and gave the Technical Sub-Committee instructions to complete specifics and prepare a report in order to ensure that the President’s directives are being carried out as planned starting in September.
Recall that the Federal Executive Council had on July 29 okayed President Tinubu’s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency
The Federal Executive Council gave its approval to provide Nigerian refineries, starting with the Dangote refinery, 450,000 barrels intended for domestic use in Naira.
The initiative is to maintain the stability of the pump price of refined fuel and the dollar-naira exchange rate.
The meeting on Monday is the second one in a span of seven days.
