The sale of crude oil to Dangote Refinery and other Nigerian refineries in Naira will start on October 1, 2024.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in Abuja, on Monday.
He revealed this during the review meeting of the Implementation Committee set up to work out the modalities for actualising President Bola Tinubu’s directive on the Naira Crude sale.
“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.
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“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,” a post by the Ministry on X, read.
The committee which started meeting last week consisted of top officials of the Nigerian National Petroleum Company Limited (NNPCL), Central Bank of Nigeria, Federal Inland Revenue Service, the Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya.
Others were representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank which was involved in a futures crude oil sale arrangement with the NNPCL
