*Petrol From Dangote Refinery Next Month
THE Federal Government has explained that it would begin the sale of crude oil in Naira to Dangote Refinery and others from October this year.
A statement by the Director of Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mr. Mohammed Manga, in Abuja, on Monday, August 19, said the inaugural meeting of the implementation committee to fast track the transaction was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
“It is a significant step towards ensuring the speedy realisation of the presidential directive on crude oil sales in Naira, with a view to enhancing Nigeria’s economic growth and development,” he said, noting that the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery from October 1.
Manga stated that the key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the African Export-Import Bank (Afreximbank) to ensure smooth implementation.
“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he added.
Meanwhile, Edun further explained that the transaction would mark a significant milestone in country’s economic transformation, stressing the need for transparency and directed the Technical Sub-Committee to finalise details, as well as prepare a report for the President, confirming that his directives were on track for implementation from September this year.
“With the implementation committee’s progress, Nigeria is poised to witness a seamless transition to crude oil sales in Naira.
“The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.
“As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity,” he said.
On his part, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, Dr. Zacch Adedeji, confirmed that the first PMS (petrol) delivery from Dangote is expected next month.
