The Federal Government has announced that the sale of Crude Oil to Dangote refinery in naira will commence on October 1.

Federal Ministry of Finance made this known in a statement via its X handle on Monday.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, noting that his directives are on track for implementation from September.

The latest development comes amidst controversies on the sale of crude oil to the Dangote refinery, with claims of sabotaging the refinery operations.

The statement reads, “The Honourable 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. 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.

“Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service @FIRSNigeria and Chairman of the Technical Sub Committee, reported that the first PMS delivery from Dangote is expected next month under existing agreements.

“Key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority @NMDPRA_Official Central Bank of Nigeria @cenbank Nigerian Upstream Petroleum Regulatory Commission @NUPRCofficial
and the African Export-Import Bank @afreximbank to ensure smooth implementation. Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.

“The Honourable Minister emphasized the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, confirming that his directives are on track for implementation from September.”