The Federal Government has announced that crude oil sales to Dangote Refinery and other local refineries will begin on October 1, 2024.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with the Implementation Committee on Monday in Abuja.
A post on the official X (formerly Twitter) page of the finance ministry stated that the meeting was held to assess progress on key initiatives.
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During the meeting, key responsibilities were assigned to stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank, to ensure smooth implementation.
The post read, “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.”
Additionally, the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, who also chairs the Technical Sub-Committee, reported that the first PMS delivery from Dangote is anticipated next month under existing agreements.
Updates were also provided on the Port Harcourt and Dangote Refineries, with significant production increases expected by November 2024.
The minister stressed the importance of transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, confirming that his directives are on course for implementation starting in September.
