The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today 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.
Key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority Official Central Bank of Nigeria Nigerian Upstream Petroleum Regulatory Commission official and the African Export-Import Bank to ensure smooth implementation. Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.
The Honourable Minister emphasized the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, confirming that his directives are on track for implementation from September.