The Nigerian government on Saturday said it has officially commenced the sale of crude oil and refined petroleum products in Naira.
The sale in Naira takes effect from 1 October, the Federal Ministry of Finance disclosed in a statement posted on its X handle on Saturday.
“The Hon Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October 1st, 2024,” the statement said.
It noted that following a meeting of the implementation committee, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on 3 October, 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.
The meeting, according to the statement, included the Minister of State, Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
