The Federal Government has disclosed it will begin crude oil sales in Naira to Dangote Refinery and others in October, according to a statement by the Director Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mr Mohammed Manga yesterday (Monday August 19) in Abuja, the FCT.
A meeting to that effect has been held, Manga said, explaining that the inaugural meeting of the implementation committee to fast track the transaction was held yesterday in Abuja and presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun himself., .
“The Minister presided over a crucial meeting of the implementation committee on crude oil sales in Naira today.
“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.
Manga disclosed that the committee reviewed progress in key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from Oct. 1, adding that key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Central Bank of Nigeria (CBN).
According to him, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).and the African Export-Import Bank (Afreximbank).were also. assigned roles to ensure smooth implementation.
“Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,” he said.
Meanwhile, Edun has enthused that the transaction will mark a significant milestone in the country’s economic transformation.
He emphasised 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.
“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.
Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), and Chairman of the Technical Sub-Committee, reported that the first Premium Motor Spirit (PMS) delivery from Dangote is expected in September. (NAN)
