Nigeria begins crude oil, products sale in Naira
by Hassan Muaz · The Eagle OnlineNigeria has officially commenced the sale of crude oil and refined petroleum products in Naira
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the sale of the products in Naira commenced on October 1, 2024.
Edun said this was in line with the directive of the Federal Executive Council.
A statement by the Ministry of Finance on Saturday said: “Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders.”
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The statement said the meeting brought together prominent figures, including the Minister of State, Petroleum (Oil); Special Adviser to the President on Revenue; Special Adviser to the President on Energy; Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority; representative of the Chairman of Dangote Group; Vice President of Dangote Group; and management of the Nigerian National Petroleum Company, led by the Group Chief Executive Officer, Chief Financial Officer, and Executive Vice President (Downstream).
The statement, signed by the Director of Information and Public Relations of the Ministry of Finance, Mohammed Manga, added: “The strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led Administration is expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continues to navigate the complexities of global markets, this strategic move positions Nigeria for success in the years to come.”
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