The Federal Government has announced plans to start selling crude oil to the Dangote Refinery in naira from 1 October 2024.
This decision was made at a meeting with the Technical Implementation Committee led by Minister of Finance, Wale Edun, on Monday.
According to a statement by the Ministry of Finance, “The upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024” was discussed at the meeting.
The Ministry also quoted Edun as saying, “Key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authoriyy, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank to ensure smooth implementation.”
Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Subcommittee, said, “The first premium motor spirit (PMS) delivery from Dangote is expected next month under existing agreements.”
Edun emphasised the need for transparency and directed the Technical Subcommittee to finalise the details of the arrangement.
He also requested a report for President Bola Tinubu, confirming that his directives are on track for implementation from September.
Recall that on 29 July, the Federal Executive Council approved a proposal by Tinubu directing the Nigerian National Petroleum Company Limited to sell crude oil to the Dangote refinery and other refineries in naira.
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