In a significant move, the Federal Government has announced that sales of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024, in naira.
The Minister of Finance, Adebayo Olawale Edun, led a meeting with the Implementation Committee on Monday in Abuja to review progress on key initiatives and outline roles for stakeholders.
According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives.
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.”
The meeting ensured that all stakeholders, including regulatory authorities and financial institutions, are on board to facilitate a seamless transition to naira payments for crude oil sales.
The minister emphasized 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 Dangote refinery will serve as a pilot for the scheme, which aims to stabilize the pump price of refined fuel and the dollar-naira exchange rate.
A technical sub-committee was inaugurated to develop the framework for the sale of crude oil to local refineries in naira, with the goal of ensuring a smooth and successful implementation.
