₦airaland Forum

The Federal Government has disclosed that sales of crude oil to Dangote Refinery and other local refineries will commence October 1, 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja.

According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives.

At the meeting, key roles were outlined 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 smooth implementation.

The post read, “The 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.”

Also, the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month under existing agreements.”

It also stated that updates were provided on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.

The minister emphasised 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.

Recall that the Federal Executive Council had on July 29 okayed President Tinubu’s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency.

The Federal Executive Council approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot.

The move is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate.

Findings show that Dangote Refinery, at the moment, requires 15 cargoes of crude oil yearly.

In response, the finance minister inaugurated a technical sub-committee tasked with developing the framework for the sale of crude oil to local refineries in naira.

Monday’s meeting marks the second to be held in seven days.

BeeBeeOoh:
https://punchng.com/breaking-crude-oil-sales-in-naira-to-dangote-others-begin-october-1/

Monday’s meeting marks the second to be held in seven days.

Yankee101:
A directive was given last month only after Nigerians complained. Now you’re saying till October. You don’t mind that there’s fuel scarcity and very expensive to buy even when available
After all the high expectations of Wale Edun, I’m very disappointed he has been a failure this far with Tinubu

PressMyButton:
You're the failure here and the funds for your Education is a waste. You lack the understanding and exposure to know there are processes to implementation of policies. It requires relevant stakeholders and authorities to adopt a template that'd suit its practicality, reports have to be submitted and adopted before the implementation, approvals from relevant quarters have to be given before implementation begins. Similarly was the directives of removal of import duties on some specific food items which had to pass through relevant agencies with procedures laid out before implementation begins, it doesn't just fly off the hat. You're simply ignorant.

BeeBeeOoh:
https://punchng.com/breaking-crude-oil-sales-in-naira-to-dangote-others-begin-october-1/

004gist:
Useless people. Dangote said this August he is ready to supply all what Nigeria need.

Now this useless government is saying November