The Federal Government has officially commenced the sales of crude oil and refined petroleum products in Naira.
The Minister of Finance and Coordinating Minister of the Economy Wale Edun announced that, in line with the Federal Executive Council, FEC, directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1, 2024.
In a statement on Saturday, Mohammed Manga, Director, Information and Public Relations in the Federal Ministry of Finance quoted Edun.
He said: “Following a meeting of the Implementation Committee, Chaired by the Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.”
He stated that the meeting brought together prominent figures, including the Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company, led by the Group Chief Executive Officer, Chief Financial Officer, and Executive Vice President (Downstream).
READ ALSO: Edun inaugurates sub-committee on crude oil sales to local refineries
He said the strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets.
This strategic move, he noted positions Nigeria for success in the years to come
Recall that the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced that the Federal Executive Council under the leadership of President Bola Tinubu has approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira.
“From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.
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