Victor EzejaThe Nigerian government has said sales of crude oil in naira to Dangote Refinery and others will begin in October this year.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday, presided over a meeting of the Implementation Committee on Crude Oil Sales in naira to review progress of the initiative.
Join our WhatsApp ChannelA statement by the Finance Ministry’s Director, Information and Public Relations, Mohammed Manga, said Mr Edun, who stressed the need for transparency in implementation of the policy, directed the Technical Sub-Committee to finalise details and “prepare a report for the President, confirming that his directives are on track for implementation from September.”
The statement quoted Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, revealing that the first delivery of Premium Motor Spirit (PMS) from Dangote Refinery is expected in September.
Manga further stated that “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.”
READ ALSO: How NNPCL Crude Sales In Naira Will Boost Economy
He added that “Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.”
The statement however, did not give details of the roles assigned the CBN, NMDPRA, NUPRC and African Export-Import Bank in the implementation of the crude sales in naira policy.
Edun had last week Tuesday, held a meeting with relevant stakeholders to discuss implementation of the President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation Limited (NNPCL) to sell crude oil to local refineries in naira.
Prime Business Africa had reported that the Federal Executive Council (FEC) on 29th July, approved a proposal by President Tinubu directing the NNPCL to sell crude oil to Dangote Petroleum Refinery and other local refineries in naira.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the policy is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate.
As Nigerians grapple with scarcity of petrol, the commencement of supply of the product across the country by local refiners like Dangote will be a significant development in boosting availability in the West African country that is currently import-dependent
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
