Minister of Finance Wale Edun has announced that the Nigerian government officially commenced the Naira-for-crude sale deal with Dangote Refinery on October 1, 2024.
The announcement was made in a statement released on the Ministry of Finance’s official X account on Saturday, confirming that the move aligns with the Federal Executive Council’s (FEC) directive.
Edun noted that stakeholders met on October 3, 2024 to review the implementation of this initiative, which aims to stabilize the price of petrol and manage the local currency’s role in the petroleum market. Present at the meeting were key government and industry figures, including representatives from the Nigerian National Petroleum Company (NNPC) and Dangote Group.
This Naira-for-crude deal, which directs the NNPC to sell crude oil to Dangote Refinery in local currency, was originally ordered by President Bola Ahmed Tinubu in July 2024.
The goal is to curb the rising cost of fuel, which has been fluctuating between ₦950 and ₦1,100 per liter, potentially leading to reduced fuel pump prices.
Despite initial uncertainties surrounding the commencement of the deal, the initiative is now underway and expected to play a significant role in stabilizing Nigeria’s fuel market.
Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.