The committee on crude oil sales in naira has announced that the Dangote Refinery is set to deliver its first batch of refined premium motor spirit (PMS) to the Nigerian market by September 2024.
This is coming after several challenges reported by the management of Dangote Industries Limited. Among them is the alleged effort of international oil companies to frustrate crude supply to their 650,000-capacity refinery.
However, Zacch Adedeji, the executive chairman of the Federal Inland Revenue Service, who spoke at the Implementation Committee meeting on the transition to crude oil sales in Naira, reported that the first PMS delivery from Dangote is expected next month under existing agreements.
The meeting, which was led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.
The committee outlined key roles for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Central Bank of Nigeria, the Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank, to ensure smooth implementation.
It also provided updates on the Port Harcourt and Dangote refineries, which are expected to record significant production increases in November 2024.
The Minister of Finance stressed the importance of transparency and instructed the Technical Sub-Committee to finalize the details and prepare a report for the president, ensuring that his directives are on schedule for implementation starting in September.
