Breaking: Dangote will start selling crude oil in naira on October 1st.

According to information released by the federal government, Dangote Refinery and other nearby refineries will start receiving crude oil deliveries on October 1, 2024.

The announcement was made by Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, on Monday in Abuja during a meeting with the Implementation Committee.

A message on the finance ministry's official X (formerly Twitter) page stated that the purpose of the gathering was to assess the status of important projects.

In order to ensure a seamless implementation, important roles for stakeholders were outlined at the conference. These included the African Export-Import Bank, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and Nigerian Midstream and Downstream Petroleum Regulatory Authority.

It said in the tweet, "The Minister The Implementation Committee meeting on the switch to naira-based sales of crude oil was presided over by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

"Key initiatives, such as the impending start of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024, were reviewed in the meeting."

Additionally, according to the Chairman of the Technical Sub-Committee and Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service, "the first PMS delivery from Dangote is expected next month under existing agreements."

Additionally, it said that updates on the Port Harcourt and Dangote refineries had been given, and that beginning in November 2024, there will be a major rise in production.

The minister emphasized the necessity of openness and gave the Technical Subcommittee instructions to Complete the specifics and write a report that will be sent to the President stating that his orders will be carried out as planned starting in September.

Remember that on July 29, the Federal Executive Council approved President Tinubu's request that NNPC stop selling crude oil to regional refineries in foreign currencies.

The Federal Executive Council gave its approval to provide Nigerian refineries, starting with the Dangote refinery, 450,000 barrels intended for domestic use in exchange for Naira.

The action is intended to maintain stability in both the dollar-to-naira exchange rate and the refined gasoline pump price.

According to research, Dangote Refinery currently needs fifteen cargoes of crude oil each year.

The finance minister responded by forming a technical subcommittee whose job it was to create the basis for the payment in naira of crude oil to nearby refineries.

The meeting on Monday is the second one in a span of seven days.

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