The Federal Authorities has introduced that the sale of crude oil to Dangote Refinery and different native refineries will begin on October 1, 2024.
The Minister of Finance and Coordinating Minister of the Financial system, Wale Edun, made the announcement throughout a gathering with the implementation committee on Monday in Abuja.
On the assembly, key roles have been outlined for stakeholders, together with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Financial institution of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Fee (NUPRC), and the African Export-Import Financial institution, to make sure easy implementation.
Additionally, a submit on the ‘X’ account of the finance ministry learn, “The Minister of Finance and Coordinating Minister of the Financial system, Mr. Wale Edun, right this moment led the Implementation Committee assembly on the transition to crude oil gross sales in naira.” It additionally said that updates have been offered on the Port Harcourt and Dangote Refineries, with vital manufacturing will increase anticipated from November 2024.
The minister emphasised the necessity for transparency and directed the Technical Sub-Committee to finalise particulars and put together a report for the President, confirming that his directives are on observe for implementation from September.
Recall that the Federal Government Council had, on July 29, authorized President Tinubu’s proposal for NNPC to halt the sale of crude oil to native refineries in overseas foreign money.
The Federal Government Council authorized that the 450,000 barrels meant for home consumption be provided in naira to Nigerian refineries, utilizing the Dangote refinery as a pilot.
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The transfer is to make sure the soundness of the pump value of refined gasoline and the dollar-naira alternate fee. Findings present that Dangote Refinery, in the meanwhile, requires 15 cargoes of crude oil yearly.
In response, the finance minister inaugurated a technical sub-committee tasked with growing the framework for the sale of crude oil to native refineries in naira. Monday’s assembly marks the second to be held in seven days.
