The federal government says the sale of crude oil to the
Dangote refinery in naira will commence on October 1.
The ministry of finance, in a statement on Monday, said the
decision was made at a meeting with the technical implementation committee led
by Wale Edun, minister of finance.
The meeting was on the transition to crude oil sales in
naira, according to the statement.
The federal government had, on August 15, inaugurated a
technical subcommittee to ensure the smooth implementation of President Bola
Tinubu’s directive to sell crude to local refineries in naira.
At the meeting on Monday, the committee reviewed progress on
key initiatives — including “the upcoming commencement of Naira payments for
crude oil sales to the Dangote Refinery starting October 1, 2024”.
“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 (Afreximbank) to ensure
smooth implementation,” the ministry said.
“Updates on the Port Harcourt and Dangote Refineries were
also provided, with significant production increases expected from November
2024.”
Also speaking at the meeting, 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.
The Dangote refinery had, on August 14, said it would begin
the supply of petrol this month.
In his remarks, Edun stressed the need for transparency and
directed the technical subcommittee to finalise the details of the arrangement.
He also asked the committee to prepare a report for Tinubu,
confirming that his directives are on track for implementation from September.
On July 29,tThe federal executive council (FEC) had approved
a proposal by Tinubu directing the Nigerian National Petroleum Company (NNPC)
Limited to sell crude oil to the Dangote refinery and other refineries in
naira.
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