• About
  • Advertise
  • Contact
Friday, October 3, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

FG Fixes October 1 For Commencement Of  Crude Oil Sale In Naira To Dangote, Others

Vital News by Vital News
August 19, 2024
in Oil & Gas
0
We Have Not Fixed Petrol Price — Dangote
Share on FacebookShare on Twitter

The Federal Government says sales of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja.

According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives.

At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission and the African Export-Import Bank to ensure smooth implementation.

The post reads : “The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.

RelatedStories

Dangote Refinery : PENGASSAN, NNPCL, NDMP, NUPRC Evade Service Of Court Order Halting Strike

Group Knocks Senator Ali Ndume Over Comment On PENGASSAN-Dangote Feud

You Are After Check-Off Dues, Not Workers’ Welfare, Dangote Tells PENGASSAN, TUC

PENGASSAN Members Shut Down NNPC, NUPRC, NMDPRA

“The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.”

Also, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month under existing agreements.”

It also stated that updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.

The minister emphasised the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President, confirming that his directives are on track for implementation from September.

Recall that the Federal Executive Council had on July 29 okayed President Tinubu’s proposal for NNPC to halt the sale of crude oil to local refineries in foreign currency.

The Federal Executive Council approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot.

The move is to ensure the stability of the pump price of refined fuel and the dollar-naira exchange rate.

Findings show that Dangote Refinery, at the moment, requires 15 cargoes of crude oil yearly.

In response, the finance minister inaugurated a technical sub-committee tasked with developing the framework for the sale of crude oil to local refineries in naira. (vitalnewsngr.com)

Tags: CrudeDangotelocal refineriesSale
Previous Post

Kogi Governor, Ododo Appoints 1,102 New Aides

Next Post

Pensioners Beg President Tinubu To Pay Six Months Wage Award

Vital News

Vital News

RelatedStories

Dangote Refinery : PENGASSAN, NNPCL, NDMP, NUPRC Evade Service Of Court Order Halting Strike
Judiciary

Dangote Refinery : PENGASSAN, NNPCL, NDMP, NUPRC Evade Service Of Court Order Halting Strike

September 30, 2025
Group Knocks Senator Ali Ndume Over Comment On PENGASSAN-Dangote Feud
Labour

Group Knocks Senator Ali Ndume Over Comment On PENGASSAN-Dangote Feud

September 30, 2025
You Are After Check-Off Dues, Not Workers’ Welfare, Dangote Tells PENGASSAN, TUC
Labour

You Are After Check-Off Dues, Not Workers’ Welfare, Dangote Tells PENGASSAN, TUC

September 30, 2025
PENGASSAN Members Shut Down NNPC, NUPRC, NMDPRA
Labour

PENGASSAN Members Shut Down NNPC, NUPRC, NMDPRA

September 29, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Labour

PENGASSAN’s Strike, A Guerilla Tactics To Hold Nigerians To Ransome – Dangote Refinery

September 29, 2025
Next Post
Drop In Nigeria’s inflation, Clear Indication Of Success Of Tinubu Economic Policies -TMSG

Pensioners Beg President Tinubu To Pay Six Months Wage Award

Japa  : NASS, Minister, Dabiri-Erewa, Others Urge Youth To Develop Skills, Stay productive

Japa : NASS, Minister, Dabiri-Erewa, Others Urge Youth To Develop Skills, Stay productive

Ogun Joins League of Large-Scale Rice-Producing States as Abiodun Flags Off Harvest of 200-Hectare Plantation

Ogun Joins League of Large-Scale Rice-Producing States as Abiodun Flags Off Harvest of 200-Hectare Plantation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Zulum injects 610 buses, taxis, tricycles into Borno mass transit scheme

4 years ago

APC Director Of Admin, Dr. Sulaiman Bags Honorary Doctorate Degree 

4 years ago
NASCON Allied Industries Grows Profit By 151pct, Declares Dividends, Bonus Share

NASCON Allied Industries Grows Profit By 151pct, Declares Dividends, Bonus Share

2 years ago

Buhari Pledges To Assist Flood Victims In Kogi, Jigawa, Nasarawa, Other States

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

Bandits Kidnap Police Officer In Kwara

Death Toll In Ibaji Boat Mishap Rises To 36

Arrest of 147 Terrorists In One Week, Confirms Tinubu Is Boosting Troops’ Morale – Group ‎

Fubara Sacks Commissioners, SSG, SAs, SSAs

2027 : Group Holds Awareness Walk In Kogi, Reaffirms Commitment To Vision, Leadership Of President Tinubu

Trending

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From  October 29
News

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29

by Vital News
October 2, 2025
0

The Kogi State Government says it will commence strict enforcement of ban on Zariagi, Osara and other...

Realnews Announces Theme, Date For It’s 13th Anniversary Lecture

October 2, 2025
Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji,  For Hard Work, Dedication

Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication

October 2, 2025
FG Cancels Independence Anniversary Parade

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

October 2, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

Bandits Kidnap Police Officer In Kwara

October 2, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29 October 2, 2025
  • Realnews Announces Theme, Date For It’s 13th Anniversary Lecture October 2, 2025
  • Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication October 2, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In