Minister of Finance and coordinating minister of the Nigerian economy, Wale Edun, has said the government would begin the sale of crude oil to Dangote and other local refineries in Naira from October 1 2024.
The minister gave the remarks on Monday at the second meeting of the implementation committee meeting on the transition to crude oil Sales in Naira that was established by President Bola Tinubu.
“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,” the finance ministry said in a statement on its verified X handle.
The statement said updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.
It, however, failed to state when the Port Harcourt refinery would commence operation. The Nigerian National Petroleum Company Limited (NNPC) has postponed the operationalisation of the refinery for the sixth time since Mele Kyari took office as GMD of the government-owned firm.
