The Federal Government has disclosed that the sale of crude oil and refined products in Naira has officially commenced since October 1, 2024, in line with the Federal Executive Council (FEC) directive.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this after a meeting of the implementation committee recently in Abuja.
He said: “Following a meeting of the Implementation Committee, Chaired by the Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders”.
A statement on Saturday by the Director of Information and Public Relations of the Ministry of Finance, Mr. Mohammed Manga, said the meeting brought together prominent figures, including the Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company Limited (NNPC Ltd), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
The strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years to come.
