The Federal Government has disclosed that the sale of crude oil in naira to local refineries in the country would commence from October 1 this year.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this on Monday during the Implementation Committee meeting on the transition to Crude Oil Sales in Naira.
Edun emphasized the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, confirming that his directives are on track for implementation.
A statement by the Director of Information and Public Relations of the Ministry, Mohammed Manga said, 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.
Manga said, Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee, reported that the first PMS delivery from Dangote is expected next month under existing agreements.
He said, key roles were outlined for 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.
According to him, updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.
Recall that recently inaugurated the Technical Sub-Committee tasked with the development of the framework for the sale of crude oil to local refineries in Naira, in alignment with the presidential directive, aimed at revolutionizing the energy sector by reducing reliance on crude oil exports and fostering local expertise.
The inauguration took place following a stakeholders meeting where government officials and representatives of local refineries, including the Dangote Refinery, gathered to discuss the implementation of the strategic directive.
The committee, which includes the Permanent Secretary of the Federal
Ministry of Finance, Mrs. Lydia Shehu Jafiya, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji as well as representatives from the Nigerian National Petroleum Corporation Limited (NNPCL), Central Bank of Nigeria (CBN), Afrexim Bank, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has the critical role of crafting a robust template that will ensure the successful implementation of the initiative.
