The federal government says the sale of crude oil to the Dangote refinery in naira will commence on October 1.
The ministry of finance, in a statement on Monday, said the decision was made at a meeting with the technical implementation committee led by Wale Edun, minister of finance.
The meeting was on the transition to crude oil sales in naira, according to the statement.
The federal government had, on August 15, inaugurated a technical subcommittee to ensure the smooth implementation of President Bola Tinubu’s directive to sell crude to local refineries in naira.
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.”