NNPC to Sell Crude Oil to Local Refineries in Naira Starting October

The Federal Government has announced that the sale of naira crude oil to Dangote Refinery and others will commence in October.
This was in a statement by Mohammed Manga, Director of Press and Public Relations at the Federal Ministry of Finance and Economic Planning, in Abuja on Monday.
Manga said the first meeting of the implementation committee to facilitate the trade was chaired by the Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun.

“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 realization of the presidential directive on crude oil sales in Naira with a view to enhancing Nigeria’s economic growth and development,” he said.
He said the committee reviewed the progress of key initiatives such as the imminent commencement of naira payment for crude oil sales to Dangote Refinery from October 1.
According to him, key roles have been outlined for stakeholders such as the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) and the Central Bank of Nigeria (CBN).

Manga cleared that the Nigerian Upstream Petroleum Regulatory Commission (NUPARC) and the African Export-Import Bank (Afreximbank) have also been assigned roles to ensure smooth implementation.
He said “Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November,”
Meanwhile, Wale Edun said the deal would be a key milestone in the country’s economic transformation.
He stressed the need for transparency and directed the technical subcommittee to finalize details and prepare a report for the President. He confirmed that his directive is on track for implementation in 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.
He said, “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.”
Dr Zacch Adedeji, Executive Director and Chairman, Technical Sub-Committee, Federal Inland Revenue Service (FIRS), reported that the first shipment of Premium Motor Spirit (PMS) from Dangote is expected in September.