The Federal Government has made a major announcement concerning crude oil sales, confirming that transactions with Dangote Refinery and other local refineries will kick off on October 1, 2024. This decision was revealed by Wale Edun, who serves as the Minister of Finance and also oversees the economy, during an important meeting with the Implementation Committee in Abuja on Monday.
The Finance Ministry took to its official X page to share more details about the meeting. The purpose of the gathering was to assess the progress of key national projects and set up necessary steps for their successful implementation. The focus was particularly on how different agencies could work together to ensure the smooth running of this oil sales transition. Among these agencies were the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Central Bank of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank.
The Ministry’s post quoted Minister Wale Edun saying, “Today, we moved forward with our plans to sell crude oil in naira to local refineries, starting with Dangote Refinery on October 1, 2024. This meeting was all about making sure everything is on track for this transition.”
At the meeting, Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service and the Chairman of the Technical Sub-Committee, shared more details. He mentioned that the first delivery of Premium Motor Spirit (PMS) from Dangote Refinery is expected to happen next month, under agreements that are already in place.
The discussions didn’t just stop there. Updates about the progress of both the Port Harcourt and Dangote Refineries were also shared. A substantial increase in production is anticipated starting November 2024, which could have a big impact on the country’s oil output.
Wale Edun emphasized that everything must be done transparently. He urged the Technical Sub-Committee to wrap up all remaining tasks and submit a detailed report to the President by September. This would ensure that the President’s orders are acted upon as soon as possible.
