FG begins crude oil sale in naira

The Federal Government has commenced the sale of crude oil and refined petroleum products in naira.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this in a statement issued by the Director of Information and Public Relations at the ministry, Mohammed Manga, on Saturday, October 5, 2024.

Edun announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in naira officially commenced on October 1, 2024.

Edun stated that following a meeting of the implementation committee chaired by him to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of the strategic initiative was affirmed by key stakeholders.

FG begins crude oil sales in naira to Dangote refinery, others October

“The strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years to come,” the minister added.

According to the statement, those at the event included the Minister of State for Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company Limited (NNPCL).

The Star