Nigeria’s Minister of Finance, Wale Edun on Sunday hinted that the west African country has commenced supply of Premium Motor Spirit (PMS) in naira with Dangote Refinery supplies to the Nigerian National Petroleum Corporation Limited (NNPCL), noting that it is a major advancement towards energy self-sufficiency.
He described the audacious move as a significant turning point in the Nigeria government’s resolve to ease the strain on the naira and improve domestic petroleum product availability.
Edun said this at the Dangote Refinery while commending President Bola Tinubu for his forward-thinking leadership in developing Nigeria’s energy industry.
He underlined that the president’s vision that no raw material should leave Nigeria’s shores without adding value—is in line with this program.
The Minister also praised Aliko Dangote and the Dangote Group for establishing the refinery and making this ambition a reality, emphasising how it has revolutionised Nigeria’s oil industry. Following the Minister’s visit to Lagos, HM Edun commended the efforts of the technical subcommittee headed by Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service, which was in charge of implementing the sale of oil to neighbourhood refineries in naira.
The Minister was given a thorough tour of the refinery’s cutting-edge facilities during his visit, which demonstrated its ability to increase local value addition and decrease dependency on imported refined products. The refinery’s technological innovations and capacity to effectively supply Nigeria’s domestic fuel needs were lauded by HM Edun.
A major turning point in the domestic supply of refined petroleum products was observed by the Minister when NNPCL loaded the first batch of PMS from the Dangote Refinery. This marks the official start of the crude oil sales for naira transactions, but it also marks the first delivery of PMS to NNPCL. The official start date is October 1.
Under President Tinubu’s direction, the Federal Executive Council (FEC) has authorised the payment in naira for the delivery of crude oil to domestic refineries, such as the Dangote Refinery. “From the 1st of October, NNPCL will commence the supply of approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in naira,” said the minister.
In order to meet the demands of the nation and enable lawful exports to its neighbours, HM Edun urged other domestic refiners to join this initiative. This would increase foreign exchange revenue and promote the economic well-being of the country.
