The Federal Government has announced that it will commence the sale of crude oil to the Dangote Refinery in naira starting October 1. This development was disclosed by the Federal Ministry of Finance on Monday through its X handle.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, highlighted the importance of transparency in this transition. He directed the Technical Sub-Committee to finalize the necessary details and prepare a report for the President, with implementation expected to begin in September.
This move follows ongoing controversies regarding the crude oil sales to the Dangote Refinery, amid claims of attempts to undermine its operations. The meeting, led by Edun, also reviewed the roles of various stakeholders, including the Central Bank of Nigeria, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the African Export-Import Bank, to ensure the smooth implementation of this initiative.
Additionally, updates on production increases at the Port Harcourt and Dangote Refineries, expected by November 2024, were provided during the meeting.
News Editor 
Hyelsinta Hassan