The Nigerian Federal Government will begin selling crude oil to the Dangote Refinery in naira starting October 1, 2024, marking a significant shift aimed at bolstering the nation’s economic growth.
This decision follows the Presidential Directive on Crude Oil Sales in Naira, which aims to enhance Nigeria’s economic development by retaining more value within the local economy.
The decision was finalized during a key meeting of the Federal Government’s Implementation Committee on Crude Oil Sales in Naira, led by Finance Minister Wale Edun.
The committee is working to ensure a transparent and efficient implementation process, with the collaboration of various stakeholders, including regulatory bodies and financial institutions.
Additionally, updates were provided on the production increases expected from the Port Harcourt and Dangote refineries by November 2024.
The government has also granted the Nigerian National Petroleum Company (NNPC) Limited permission to use its 2023 final dividends to cover petrol subsidies, while halting the payment of 2024 interim dividends to improve NNPC’s cash flow.
(Business Day)