Sale of crude to Dangote refinery in naira begins Oct 1 – Edun

Sale of crude to Dangote refinery in naira begins Oct 1 – Edun

The sale of crude oil to the Dangote refinery in naira will commence on October 1, the Federal Government has said.

Ministry of Finance said in a statement on Monday that the decision was made at a meeting with the technical implementation committee led by Mr. Wale Edun, minister of finance and coordinating minister of the economy.

The government on August 15 inaugurated a technical sub-committee to ensure the smooth implementation of President Bola Tinubu’s directive to sell crude to local refineries in naira.

Edun on Monday stressed the need for transparency and directed the technical sub-committee to finalise the details of the arrangement.

He also asked the committee to prepare a report for President Tinubu, confirming that his directives are on track for implementation from September.

At the meeting on Monday, the committee reviewed progress on key initiatives — including “the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024”.

“Key roles were outlined for 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) to ensure smooth implementation,” the ministry said.

“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.”

At the meeting, Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS) and chairman of the technical sub-committee, said the petrol delivery from Dangote is expected next month under existing agreements.