The Implementation Committee on Crude Oil Sales in Naira says the commencement of Naira payments for crude oil sales to the Dangote Refinery is October 1, 2024, marking a significant milestone in Nigeria’s economic transformation.
This information is contained in a statement by the Director Infor And Public Relations of the Ministry of Finance Mohammed Manga.
The statement described the move as a significant step towards ensuring the speedy realization of the Presidential directive on Crude Oil Sales in Naira that is designed to enhance Nigeria’s economic growth and development.
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, presided over the crucial meeting in his office where Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, reported that the first PMS delivery from Dangote is expected next month under existing agreements.
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.
During the meeting, updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.
Wale Edun emphasised the need for transparency and directed the Technical Sub-Committee to finalize details as well as prepare a report for the President, confirming that his directives are on track for implementation from September.
“With the Implementation Committee’s progress and HM Edun’s guidance, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira. The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process,” the statement added.
Manga concluded that as the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity.
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