The Federal Government through the ministry of finance has announced that crude oil would be sold to Dangote refinery in naira from October 1st. The statement released on Monday stated that the decision was arrived at during a meeting with the technical implementation committee led by Wale Edun, the Minister of Finance.
The Federal Government on August 15 created a technical subcommittee to ensure the smooth implementation of the president’s directive to sell crude oil to local refineries in naira.
At the meeting, the committee reviewed the commencement of naira payment for crude oil sales. Key roles were also outlined for stakeholders including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the African Export-Import Bank (Afreximbank).
Updates on the Port Harcourt and Dangote refineries were also provided as significant production was expected from November 2024.
Speaking at the meeting was Zacch Adedeji, the Executive Chairman of Federal Inland Revenue Service (FIRS) and chairman of the Technical Subcommittee who assured that the first Premium Motor Spirit (PMS) is expected next month.
The Minister of Finance stressed the need for transparency and directed the subcommittee to remain transparent. They are also to prepare a report for the President on their activities.
The Federal Executive Council had on July 29th approved a proposal by the President directing the Nigerian National Petroleum Commission Limited (NNPCL) to sell crude oil to Dangote refinery and other refineries in naira.
