The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed that Federal Government will commence sales of crude oil to Dangote Refinery and other local refineries in October 1, 2024.
The stakeholders recently met with the Finance Minister to ensure smooth implementation of the proposed initiative. Present at the meeting are Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank
A post on the outcome of the meeting on the Twitter page of the finance ministry stated thus:
“The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, 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.”
Also, the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month under existing agreements.”