• About
  • Advertise
  • Contact
Sunday, August 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 Says Tinubu’s Economic Policies Working, Reviving Private Sector

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

Africa Losing $90bln Annually To Importation Of Substandard Fuel, Dangote Laments

NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users

“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 Says Tinubu’s Economic Policies Working, Reviving Private Sector
Business

Dangote Says Tinubu’s Economic Policies Working, Reviving Private Sector

July 27, 2025
Africans In Position To Develop Africa, Dangote Tells Global CEOs
Oil & Gas

Dangote Urges African Leaders To Protect Local Industries From Unfair Competition

July 23, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Oil & Gas

Africa Losing $90bln Annually To Importation Of Substandard Fuel, Dangote Laments

July 22, 2025
NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users
Oil & Gas

NOGASA Expresses Concern Over Dangote’s Direct Fuel Supply Plan To End Users

July 21, 2025
Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development
Economy

Dangote Urges Wealthy Nigerians To Invest More In Nigeria To Aid Growth, Development

July 16, 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

PDP Reinstates Samuel Anyanwu As National Secretary, Cancels NEC Meeting

PDP Reinstates Samuel Anyanwu As National Secretary, Cancels NEC Meeting

1 month ago
7 Suspects Remanded In Prison Over Murder Of Offa Health College Student

How N3bln Belonging To Kogi LGs Was Diverted, Laundered – EFCC Witness

4 months ago

Obiekwu, Atlanta ’96 Dream Team member turns commercial driver

3 years ago
We Are Not In Court Against INEC Chairman – DSS

Emefiele : DSS TO Investigate Staff Over Dispute With Prison Officials

2 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
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • 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

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Hafsoh Killer, Abdulrhaman Bello To Die By Hanging, Court Discharges, Acquits 4 Others

FG Seeks Partnership With Dangote Cement To Bridge Housing Gap

Canada Announces Plan To Recognise Palestinian State By September

Governor Alia Dissolves Benue Executive Council, Appoints New Chief of Staff

Trending

Hardship : PDP Governors Meet In Asaba, Call On FG To Rejig Economic Policies
Politics

PDP Fixes September 27 For Conduct Of Fresh Congresses In Oyo, Kogi, Lagos, Borno, Adamawa, 8 Other States

by Vital News
August 2, 2025
0

The Peoples Democratic Party (PDP) has fixed Saturday, September 27, 2025 for the conduct of congresses that...

Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months

Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months

August 2, 2025
NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute

August 1, 2025
Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

July 31, 2025
Ododo Applauds President  Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

Ododo Applauds President Tinubu, Minister Of Works Over Ongoing Reconstruction, Expansion Of Abuja–Lokoja Highway

July 31, 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

  • PDP Fixes September 27 For Conduct Of Fresh Congresses In Oyo, Kogi, Lagos, Borno, Adamawa, 8 Other States August 2, 2025
  • Abiodun Commissions Renovated Olumo Rock Tourism Complex, Declares Free Entry For Two Months August 2, 2025
  • NUC Team Pays Revalidation Visit To FUOYE, Lauds Visible Transformation Of Distance Learning Institute August 1, 2025

Categories

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