The sale of crude oil to Dangote Refinery and other local refineries in Naira will officially commence on October 1, 2024. This announcement was made by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a review meeting in Abuja.
The meeting, held earlier today, was convened to assess the progress of implementing President Bola Tinubu’s directive on the Naira crude oil sale initiative. The session involved key figures from various government and financial institutions.
Among those present were top officials from the Nigerian National Petroleum Company Limited (NNPCL), representatives from the Central Bank of Nigeria, the Federal Inland Revenue Service, and the Ministry of Finance’s Permanent Secretary, Lydia Jafiya.
Additionally, the meeting included members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian Upstream Petroleum Regulatory Commission, and officials from the African Export-Import Bank, which has been engaged in a futures crude oil sale arrangement with NNPCL.
