In fulfillment of the previously announced sales of Crude oil in Nigerias local currency, the sales of the crude oil in Naira commenced officially from the 1st of October in accordance with the Federal Executive Council directive.
This was announced in a press statement which was released by his director of information and public relations, Mr Muhammad manga after a stakeholders meeting this weekend.
According to the press statements, it said “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 meeting featured great personalities like Honourable Minister of State for Petroleum, 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), representatives from Dangote Group, and senior management from the Nigerian National Petroleum Company (NNPC), including the Group Chief Executive Officer and Chief Financial Officer.
The announcement brings about succour and relief to the citizens as this will positively affect the Nigerian economy which is largely dependent on crude oil.
