Crude oil, refined products sales in Naira effective October 1, 2024 — FG‬

‪Abdullateef Fowewe

Minister of Finance and Coordinating Minister of the Economy, Wale Edun has confirmed the commencement of the sale of crude oil and refined petroleum products in Naira on October 1, 2024, as directed by the Federal Executive Council.

‪A statement by the Ministry of Finance on Saturday said, “Following a meeting of the Implementation Committee, chaired by the Hon. Minister of Finance and Coordinating Minister of the Economy on October 3rd, 2024, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders. ‬

‪”The meeting included the Hon. Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).”