The Federal Government has announced that the sale of crude oil and refined petroleum products in Naira has officially commenced on October 1st, 2024.
The Ministry of Finance disclosed on its X handle that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun said this is in line with the Federal Executive Council (FEC) directive.
According to the post, the commencement of this strategic initiative was affirmed by key stakeholders 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 meeting included the Hon. Minister of State, Petroleum (Oil), Heineken Lokpobiri, the Special Adviser to the President on Revenue, Zacch Adedeji, the Special Adviser to the President on Energy, Olu Verheijen, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, Olakunle Alake and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Mele Kyari, Chief Financial Officer (CFO), Umar Ajiya and Executive Vice President (Downstream) Adedapo Segun” the post read.
It can be recalled that on the 15th of September, 2024, at the Dangote Refinery, when Wale Edun announced the commencement of Premium Motor Spirit (PMS) supply to the Nigerian National Petroleum Corporation Limited (NNPCL) from the Dangote Refinery, he emphasized that this initiative aligns with President Tinubu’s vision that no raw materials should leave Nigeria’s shores without adding value.
He added that this bold initiative represents a key milestone in the federal government’s commitment to reducing pressure on the Naira and enhancing the availability of petroleum products in the domestic market.
Edun commended Alhaji Aliko Dangote and the Dangote Group for turning this vision into reality through the establishment of the refinery, noting its role in transforming Nigeria’s oil sector.
He also acknowledged the work of the technical sub-committee responsible for the implementation of crude sales to local refineries in Naira, chaired by the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji.
The Minister called on other domestic refiners to join this endeavor, not only to meet the country’s needs but also to facilitate legal exports to neighboring countries, thereby enhancing foreign exchange revenue and supporting the nation’s economic well-being.
