Amidst ongoing controversies, the Nigerian government, led by President Bola Tinubu, has announced the commencement of crude oil sales to the Dangote Refinery in naira, effective October 1.
According to a statement posted on the Federal Ministry of Finance’s official X handle, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired a meeting of the Implementation Committee on the transition to crude oil sales in naira.
The committee reviewed progress on various initiatives, including the upcoming commencement of naira payments for crude oil sales to Dangote Refinery. The first delivery of Petroleum Motor Spirit (PMS) from the refinery is expected next month.
Key stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and African Export-Import Bank, have been assigned specific roles to ensure a smooth implementation....Read Full Article [Click Here>]
The minister emphasized the importance of transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President. The implementation of the directives is expected to begin in September.
The sale of crude oil to Dangote Refinery has been met with controversy, with claims of sabotage of the refinery’s operations. However, the government has remained firm in its support for the project, which is expected to significantly boost Nigeria’s refining capacity and reduce its dependence on imported petroleum products.
Source: SaharaReporters
