NNPC begins crude oil sale in Naira to Dangote on October 1
NNPC
NNPC begins crude oil sale in Naira to Dangote on October 1
Abdullateef Fowewe
The Federal Government has announced October 1, 2024, as the day to begin Naira payments for crude oil sales to the Dangote Refinery.
This was disclosed in an Implementation Committee meeting on the transition to Crude Oil Sales in Naira presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Monday.
According to the press release Dailyeconomy obtained from the Federal Ministry of Finance, the meeting reviewed progress on key initiatives and the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery.
However, the executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee, Dr Zacch Adedeji, noted in the meeting that the first Premium Motor Spirits delivery from Dangote is expected next month under existing agreements.
“The Honourable 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,” the statement reads in a part.
President Tinubu offered a lifeline to the Dangote refinery and ordered the Nigerian National Petroleum Corporation to sell crude to the refinery in Naira, as reported by the Dailyeconomy on Tuesday, July 30, 2024.
