August 19, (THEWILL) – The federal government, on Monday, said that the sale of crude oil to Dangote refinery and other local refineries in naira will begin October 1st, 2024
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Monday, in Abuja during a meeting with the implementation committee on transition to crude oil sales in naira,
The meeting is aimed to implement the directive for the Nigerian National Petroleum Corporation Limited (NNPC) to sell crude oil to local refineries in Naira.
President Bola Tinubu had on July 29, directed the NNPC to sell crude oil to Dangote Refinery and other refineries in the country in Naira.
At the meeting on Monday, key roles were 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, to ensure smooth implementation.
A statement by the Ministry of Finance said, “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.”
The minister emphasised the need for transparency and directed the Technical Sub-Committee to finalise details and prepare a report for the President, confirming that his directives are on track for implementation from September.
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