Crude oil sales in naira began on Oct 1 – FG

The Federal government says it started sales of crude oil in naira on October 1.

Wale Edun, minister of finance and coordinating minister for the economy, disclosed this in a statement on Saturday.

President Bola Tinubu had directed the sales of crude oil to Dangote and other refiners in naira with a view to bringing down the cost of petrol.

The government had promised to begin selling crude in naira on October 1 to eliminate the dollar effect on petrol price and provide relief to Nigerians.

“Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira,” Edun said.

The statement said this is in line with the directive of the Federal Executive Council (FEC), noting that this would have an enduring impact on the Nigerian economy.

Read also: FG to start naira-based crude sales to Dangote refinery on October 1

“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,” Edun said.

He said the strategic initiative  would foster economic 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,” he added.