Business a.m.
The federal government has revealed that sales of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.
Wale Edun, the minister of finance and coordinating minister of the economy, made the disclosure during a meeting with the Implementation Committee in Abuja, recently.
A statement released on the official X page of the finance ministry reported that a meeting was held to review progress on key initiatives.
During the meeting, 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), with the aim of facilitating the smooth implementation of the sales of crude oil to Dangote Refinery and other local refineries, which is slated to commence on October 1, 2024.
The post read, “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.”
During the meeting, further information was provided by Zacch Adedeji, the executive chairman of the Federal Inland Revenue Service (FIRS), and the chairman of the technical sub-committee.
According to the statement, the first delivery of petrol from Dangote Refinery is expected in September 2024 under existing agreements.
In addition, updates were provided on the Port Harcourt and Dangote Refineries, with a significant increase in production anticipated from November 2024.
The minister of finance emphasised the importance of transparency and directed the technical sub-committee to finalise details and prepare a report for President Bola Tinubu.
The report, which will confirm that the president’s directives are on track for implementation in September, is expected to provide assurance that the sales of crude oil to local refineries will commence as scheduled.
