NIGERIAN GOVT BEGINS SALE OF CRUDE OIL IN NAIRA TO DANGOTE REFINERY OCTOBER

NIGERIAN GOVT BEGINS SALE OF CRUDE OIL IN NAIRA TO DANGOTE REFINERY OCTOBER

The President Bola Tinubu-led Nigerian government has announced that the sale of Crude Oil to Dangote refinery in naira will commence on October 1.

This was posted on the official X (formerly twitter) handle of the Federal Ministry of Finance on Monday.

“The Honourable 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,” the post on X read.

It was also noted that the first delivery of Petroleum Motor Spirit from Dangote refinery was expected to commence next month.

“Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service @FIRSNigeria and Chairman of the Technical Sub-Committee, reported that the first PMS delivery from Dangote is expected next month under existing agreements.”

“Key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority @NMDPRA_Official Central Bank of Nigeria @cenbank Nigerian Upstream Petroleum Regulatory Commission @NUPRCofficial and the African Export-Import Bank @afreximbank to ensure smooth implementation. Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.”

The minister also emphasised the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, noting that his directives are on track for implementation from September.

There have been controversies on the sale of crude oil to Dangote refinery, with claims of sabotaging of the refinery operations.