Just In: Dangote Refinery To Receive Crude Oil Sales In Naira By Oct 1

The Government of Nigeria has disclosed a set October 1, 2024 timeline for the start of crude oil sales in Naira to Dangote Refinery and other local refineries in the country.

This much was confirmed by The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, via his X account on Monday in Abuja.

While speaking during a meeting with the Implementation Committee, Edun confirmed the outlining of several of the Ministry’s key objectives for all parties in the oil sector.

The roles of all players, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank, were discussed, with a view to a seamlessly implementing its initiatives.

“The 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,” Edun wrote on X.

The Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee revealed that the first PMS delivery form Dangote has been set for September as per agreements between all parties involved.

According to the Minister, increased production outputs are expected from both Dangote and the Port Harcourt refeneries as from November 2024.

Edun directed the Technical Sub-Committee to finalize details and compile a comprehensive report for the President, Bola Tinubu, in order to meet up with its Spetember implementation projection.