… reveals crude oil sales in Naira to Dangote, other domestic consumers begin October 1, 2024

Thelma Tokunbo

The Federal Government has announced that the first Premium Motor Spirit (petrol) delivery from the Dangote Refinery is expected in September 2024, with crude oil sales to the refinery in naira starting October 1, 2024.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, and Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, both made this known during the Implementation Committee meeting on the transition to Crude Oil Sales in Naira on Monday.

This was confirmed by the Ministry of Finance via its verified @FinMinNigeria  X (formerly Twitter) page, seen by Advisors Reports on Monday. 

According to the statement 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 and Chairman of the Technical Sub-Committee, reported that the first PMS delivery from Dangote is expected next month under existing agreements.

Minister of Finance and Coordinating Minister of the Economy in his remark during the meeting 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.

During 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.

The Committee also provided updates on the Port Harcourt and Dangote Refineries, emphasizing that significant production increases are expected from November 2024.