The Federal Government has confirmed that sales of crude oil to Dangote Refinery and other local refineries will commence October 1, 2024.
The disclosure was made by Minister of Finance and Coordinating Minister of the Economy, Wale Edun during a meeting with the Implementation Committee on Monday in Abuja.
According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives.
At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank to ensure smooth implementation.
Recall that the Federal Executive Council had on July 29 approved President Tinubu’s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency.
The Federal Executive Council approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot to ensure stability of the pump price of refined fuel and the dollar-naira exchange rate.
