FG To Commence Crude Oil Sale To Dangote Refinery October 1



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.”

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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