The Federal Government has announced that starting October 1, crude oil sales to the Dangote Refinery will be conducted in naira.
This decision, confirmed by the Federal Ministry of Finance, follows a meeting led by Finance Minister Wale Edun, who emphasized the need for transparency in the process. The Technical Sub-Committee, chaired by Dr. Zacch Adedeji, is finalizing the details to ensure the plan is ready for implementation.
The announcement comes amid ongoing discussions and controversies about the sale of crude oil to the Dangote Refinery.
The government aims to ensure a smooth transition, with the first delivery from the refinery expected next month under existing agreements. Significant production increases from the Dangote and Port Harcourt refineries are also anticipated by November 2024.