The Federal Government has announced that it will begin selling crude oil to local refineries, including the Dangote Refinery, in naira starting from October 1, 2024.
This decision was made public by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with the Implementation Committee on Monday.
The move is aimed at stabilizing the pump price of refined fuel and the dollar-naira exchange rate. The Federal Executive Council had previously approved the proposal to halt the sale of crude oil to local refineries in foreign currency and instead offer 450,000 barrels meant for domestic consumption in naira to Nigerian refineries.
The Technical Sub-Committee has been tasked with finalizing the details and preparing a report for the President, ensuring that the directives are on track for implementation from September. The Dangote Refinery, which requires 15 cargoes of crude oil yearly, will be the pilot refinery for this new arrangement.
