Nigerian government has officially commenced the sale of crude oil and refined petroleum products in Naira.
According to reports, the Federal Ministry of Finance announced this through a statement posted on its X handle.
The statement goes, “The Hon Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1st, 2024.”
Following a meeting of the implementation committee, chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on October 3, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.
The meeting was attended by Minister of State, Petroleum (Oil), Special Adviser to the President on Revenue, Special Adviser to the President on Energy, and Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The rest were representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).
