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Nigerian Govt To Sell Crude Oil In Naira From October To Dangote, Others
Wale Edun, the Minister of Finance and Coordinating Minister of the Nigerian Economy, has announced that the federal government will start selling crude oil to Dangote and other local refineries in Naira beginning October 1, 2024.
Edun revealed this at the second meeting of the implementation committee on the transition to Naira-based crude oil sales, established by President Bola Tinubu.
The finance ministry confirmed in a statement posted on its verified X handle that the meeting reviewed progress on this transition, including the initiation of Naira payments for crude oil sales to the Dangote Refinery.
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EKO HOT BLOG reports that the statement also mentioned that updates on the Port Harcourt and Dangote Refineries were provided, noting anticipated production increases from November 2024. However, it did not specify when the Port Harcourt refinery would become operational.
The Nigerian National Petroleum Company Limited (NNPCL) has delayed the operationalization of the refinery for the sixth time under GMD Mele Kyari.
Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and the technical sub-committee, reported that the first delivery of Premium Motor Spirit (PMS) to Dangote is scheduled for next month under existing agreements.
The Nigerian authorities have approved the sale of 450,000 barrels allocated for domestic consumption under the oil sector’s regulatory PIA in Naira to Nigerian refineries, starting with Dangote as a pilot project.
Sell Crude Oil In Naira Dangote
This initiative aims to reduce reliance on the dollar and address high gasoline prices.
The meeting’s brief online note outlined key roles 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.
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The Minister stressed the importance of transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, ensuring the transition remains on schedule for September.
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