Fed. Gov’t to Begin Sale of Crude Oil In October  

Minister of finance and coordinating minister of the Nigerian economy, Wale Edun, has said the federal government would commence sale of crude oil to Dangote and other local refineries in Naira from October 1, 2024.

The minister made disclosure on Monday at the second meeting of the implementation committee meeting on the transition to crude oil Sales in Naira that was established by President Bola Tinubu.

“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,” the finance ministry said in a statement posted on its verified X handle.

Sales of Crude Oil in Naira Yet to Kickoff – CORAN

The statement said updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024. It, however, failed to state when the Port Harcourt refinery would begin operations.

At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank to ensure smooth implementation.

Also, the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month under existing agreements.”

It also stated that updates were provided on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.

The minister emphasised the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, confirming that his directives are on track for implementation from September.