The Nigerian National Petroleum Company Limited (NNPCL) will begin the sale of crude oil to Dangote Refinery on October 1, the Federal Government disclosed on Monday, 19 August.
Wale Edun, the finance minister had last week inaugurated a technical sub-committee tasked with developing the framework for the sale of crude oil to local refineries in Naira. However, the tweet, where the development was announced, was silent on when sales to other local refineries in naira will commence.
The post was captioned, “HM Wale Edun Presides Over Meeting on Crude Oil Sales in Naira Implementation.” It read, “The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today (Monday) led the Implementation Committee meeting on the transition to Crude Oil Sales in Naira.
The meeting reviewed progress on key initiatives, including the upcoming commencement 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, reported that the first PMS delivery from Dangote is expected next month under existing agreements. “
It 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 African Export-Import Bank (Afreximbank), to ensure smooth implementation. Updates on the Port Harcourt and Dangote refineries were also provided, with significant production increases expected from November 2024.
The post further disclosed that Edun emphasized the need for transparency and directed the technical sub-committee to finalized details and prepare a report for the president, confirming that his directives are on track for implementation from September.
