{"id":335451,"date":"2024-08-19T20:48:48","date_gmt":"2024-08-19T19:48:48","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=335451"},"modified":"2024-08-19T20:48:48","modified_gmt":"2024-08-19T19:48:48","slug":"crude-oil-sales-in-naira-to-dangote-others-begin-october-1","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/08\/19\/crude-oil-sales-in-naira-to-dangote-others-begin-october-1\/","title":{"rendered":"Crude oil sales in naira to Dangote, others begin October 1"},"content":{"rendered":"<ul>\n<li><strong><strong>Federal Executive Council had on July 29 okayed President Tinubu\u2019s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency<\/strong><\/strong><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p>The Federal Government has disclosed that sales of crude oil to Dangote Refinery and other local refineries will commence October 1, 2024.<\/p>\n<p>The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja.<\/p>\n<p>According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives.<\/p>\n<p>At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank to ensure smooth implementation.<\/p>\n<p>The post read, \u201cThe Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.<\/p>\n<p>\u201cThe 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.\u201d<\/p>\n<p>Also, the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that \u201cThe first PMS delivery from Dangote is expected next month under existing agreements.\u201d<\/p>\n<p>It also stated that updates were provided on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.<\/p>\n<p>The minister emphasised 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.<\/p>\n<p>Recall that the Federal Executive Council had on July 29 okayed President Tinubu\u2019s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency.<\/p>\n<p>The Federal Executive Council approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot.<\/p>\n<p>The move is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Executive Council had on July 29 okayed President Tinubu\u2019s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency The Federal Government has disclosed that sales of crude oil to Dangote Refinery and other local refineries will commence October 1, 2024. The Minister of Finance and Coordinating Minister [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":294421,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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Dangote, others begin October 1<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2024\/08\/19\/crude-oil-sales-in-naira-to-dangote-others-begin-october-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude oil sales in naira to Dangote, others begin October 1\" \/>\n<meta property=\"og:description\" content=\"Federal Executive Council had on July 29 okayed President Tinubu\u2019s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2024\/08\/19\/crude-oil-sales-in-naira-to-dangote-others-begin-october-1\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta 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