FG to begin sales of crude oil to Dangote in Naira from October 1

FG to begin sales of crude oil to Dangote in Naira from October 1

The Federal Government has announced that sales of crude oil to the Dangote Refinery in naira will begin on October 1, 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known during a meeting with the Implementation Committee in Abuja on Monday.

A post on the finance ministry’s official X (formerly Twitter) page stated that the meeting was held to assess the progress of key initiatives.

During the meeting, the government outlined key roles for 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.

Their involvement is aimed at ensuring a smooth implementation of crude oil sales to local refineries.

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 statement read.

In addition, Zacch Adedeji, the 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 Refinery is anticipated next month, in line with existing agreements.

The first PMS delivery from Dangote is expected next month under existing agreements,” he said