Federal Government Announces Date For Naira-Based Crude Oil Sales To Dangote Refinery

Federal Government Announces Date For Naira-Based Crude Oil Sales To Dangote Refinery

The Federal Government has announced that the sale of crude oil to Dangote Refinery in naira will begin on October 1, 2024. This update was shared by the Federal Ministry of Finance through its X handle on Monday……. CONTINUE READING 

Finance Minister and Coordinating Minister of the Economy, Wale Edun, highlighted the importance of transparency and instructed the Technical Sub-Committee to finalize details and prepare a report for the President. Edun noted that preparations are on track for implementation starting in September.

This development follows recent controversies surrounding crude oil sales to the Dangote Refinery, including allegations of sabotage.

The statement from the Ministry reads, “The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, chaired a meeting of the Implementation Committee on the transition to Naira-based crude oil sales. The meeting reviewed progress and confirmed that Naira payments for crude oil sales to Dangote Refinery will start on October 1, 2024.

“Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, reported that the first delivery of Premium Motor Spirit (PMS) from Dangote is anticipated next month under current agreements.

“Stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (Afreximbank), have defined their roles to ensure smooth implementation. Updates on the Port Harcourt and Dangote Refineries were also discussed, with significant production increases expected from November 2024.

“The Minister emphasized the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, affirming that the directives are on track for a September rollout.

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