The sale of crude oil to Dangote Refinery and other Nigerian refineries in Naira is set to begin on October 1 of this year.
This was announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a meeting in Abuja this afternoon. The meeting was part of a review session held by the Implementation Committee, which was established to finalize the details of President Bola Tinubu’s directive on Naira-denominated crude sales.
The committee, which began its meetings last week, includes senior officials from the Nigerian National Petroleum Company Limited (NNPCL), Central Bank of Nigeria, Federal Inland Revenue Service, and the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya.
Other members are representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank, which has been involved in a crude oil futures sale arrangement with the NNPCL.
