The Federal Government of Nigeria started implementation of crude sales to local refineries in the Naira initiative as Nigerian National Petroleum Corporation Limited (NNPCL) began Premium Motor Spirit (PMS) loading from Dangote Refinery.
It symbolizes the first supply of PMS to NNPCL with 385,000 barrels per day in view from October.
Chronicle NG reports that the official sale of crude oil for Naira transactions will begin on October 1st.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, emphasized that the initiative aligns with President Bola Tinubu’s vision that no raw materials should leave Nigeria’s shores without adding value.
Edun revealed this on Sunday in a statement made available on the official X handle of the Federal Ministry of Finance.
The Coordinating Minister of the Economy claims Nigeria has taken a significant step in its journey toward energy self-sufficiency with the commencement of petrol supply to (NNPCL) from the Dangote Refinery.
Edun added that the initiative will enhance the availability of petroleum products in the domestic market and reduce reliance on imported refined products.
Tinubu approved the supply of crude oil to domestic refineries, including the Dangote Refinery, with payments made in Naira. “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,” the finance minister announced.
Edun implored domestic refiners to join this endeavour, not only to meet the country’s needs but also to facilitate legal exports to neighbouring countries, thereby enhancing foreign exchange revenue and supporting the nation’s economic well-being.
