The federal government has announced that it will begin selling crude oil to the Dangote refinery in naira starting from October 1.
Gatekeepers News reports that this decision was made at a meeting with the technical implementation committee led by Wale Edun, minister of finance, on Monday.
The committee reviewed progress on key initiatives, including the commencement of naira payments for crude oil sales to the Dangote Refinery.
According to the ministry of finance, “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.”
Zacch Adedeji, executive chairman of the Federal Inland Revenue Service (FIRS) and chairman of the technical subcommittee, noted that “the first premium motor spirit (PMS) delivery from Dangote is expected next month under existing agreements.”
Wale Edun, minister of finance, emphasized the need for transparency, stating, “Transparency is essential… I direct the technical subcommittee to finalize the details of the arrangement.” He also asked the committee to prepare a report for President Bola Tinubu, confirming that his directives are on track for implementation from September.
The Federal Executive Council (FEC) had approved a proposal by Tinubu directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to the Dangote refinery and other refineries in naira on July 29.
