The Federal Government has launched a new initiative to sell crude oil to local refineries and facilitate the purchase of petroleum products using the Naira, aiming to ease pressure on the national currency and streamline costs.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a meeting of the Technical Sub-Committee on the sale of crude oil to local refineries in Naira. Represented by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, the Minister confirmed that all agreements and implementation modalities had been finalized.
The move follows the Federal Executive Council’s (FEC) approval to sell crude oil to local refineries and purchase petroleum products, such as PMS (Premium Motor Spirit) and diesel, in Naira. The initiative is expected to reduce transaction costs, boost the availability of fuel in the country, and alleviate pressure on the Naira.
The first batch of PMS from the Dangote Refinery is scheduled to load on Sunday, September 15. Additionally, from October 1, the Nigerian National Petroleum Corporation (NNPC) will supply approximately 385,000 barrels of crude oil per day to the Dangote Refinery, which will be paid for in Naira. In exchange, the refinery will supply PMS and diesel of equivalent value to the domestic market, also in Naira.
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