The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, chaired a crucial Implementation Committee meeting today on transitioning to crude oil sales in Naira. The session focused on key developments, including the planned initiation of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee, announced that the first PMS delivery from Dangote is anticipated next month under current agreements.
The meeting outlined critical roles 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 a seamless transition. Updates revealed significant production increases from the Port Harcourt and Dangote Refineries, expected by November 2024.
Minister Edun stressed the importance of transparency and instructed the Technical Sub-Committee to finalize details and prepare a report for the President, reaffirming that directives are on schedule for implementation starting September.
