By Dele Ogbodo
Following the intervention Federal Government to end the feud between NNPCL and Dangote Refinery over crude oil availability, the Chairman, Federal Inland Revenue Service (FIRS) who is also Chair of the Technical Sub-Committee, Dr. Zacch Adedeji, has said that Nigerians should expect the first PMS delivery from Dangote refinery next month.
The Chairman gave the indication based under existing agreements brokered by the Federal Government between NNPCL and Dangote Refinery.
Corroborating, the Chairman, the Minister of Finance, Mr. Wale Edu, while attesting said the emerging development which is good news marked a significant step towards ensuring the speedy realization of the presidential directive on crude oil sales in naira.
According to him, this with a view to enhancing Nigeria’s economic growth and development.
The committee in a meeting in Abuja, also reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting from October 1, 2024, marking a significant milestone in Nigeria’s economic transformation.
Key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (Afreximbank), to ensure smooth implementation.
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 sub-committee to finalize details as well as prepare a report for the President, confirming that his directives are on track for implementation from September.
Edu, said: “Nigeria is poised to witness a seamless transition to crude oil sales in naira.
“The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.”
According to the Minister, as the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity, the Minister said.