Naira Payment For Crude Oil To Dangote Refinery, Others Begin October 1

The Federal Government has announced that sales of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024, in naira.

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

“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 tweeted.

Edun 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.

“The first PMS delivery from Dangote is expected next month under existing agreements,” the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, reported.

The move is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate. Dangote Refinery requires 15 cargoes of crude oil yearly.