The Federal Government will begin crude oil sales in Naira to Dangote Refinery and others in October.
Director Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mohammed Manga, made this known in a statement on Monday.
He said the inaugural meeting of the implementation committee to fast track the transaction was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to Manga, the committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from Oct. 1, and key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN).
He said that 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 added.
Meanwhile, Edun said that the transaction would mark a significant milestone in country’s economic transformation.
He, therefore, 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.
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.
