NAIRA CRUDE OIL SALES INITIATIVE: Implementation Committee meets to fast- track transition
Oru Leonard
In a significant step towards ensuring the speedy realization of the Presidential directive on Crude Oil Sales in Naira with a view to enhancing Nigeria’s economic growth and development, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today in his office in Abuja, presided over a crucial meeting of the Implementation Committee on Crude Oil Sales in Naira.
The Committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from October 1, 2024, marking a significant milestone in Nigeria’s economic transformation.
Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, reported that the first PMS delivery from Dangote is expected next month under existing agreements.
Key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (Afreximbank), to ensure smooth implementation.
Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.
The Honourable Minister emphasised the need for transparency and directed the Technical Sub-Committee to finalize details as well as prepare a report for the President, confirming that his directives are on track for implementation from September
With the Implementation Committee’s progress and HM Edun’s guidance, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira. The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.
As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity.
(FMOF Press)
