Sales of crude to Dangote in Naira begins October – Official

The Executive Chairperson of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, on Monday said transition to crude oil sales to Dangote Refinery in Naira will begin in October.

A statement by the Ministry of Finance on Monday said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, 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 1 October.

Mr Adedeji, who doubles as Chairperson of the Technical Sub-Committee, said 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, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank to ensure smooth implementation.

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Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.

The minister emphasised 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.