There are indications that the availability of crude oil in naira by the Nigerian Nationwide Petroleum Firm Restricted to the Dangote Petroleum Refinery which ought to have began on October 1, 2024, has but to start as of Thursday, October 3.
Officers on the Dangote refinery and people on the Nigerian Upstream Petroleum Regulatory Fee, Federal Ministry of Finance, and NNPC, amongst others, stayed mute when contacted for updates on the naira-for-crude deal between NNPC and Dangote.
On Monday, The PUNCH reported that the Technical Sub-Committee on Home Gross sales of Crude Oil in Native Forex had confirmed the previous day that the availability of crude in naira by NNPC to the Dangote refinery would start on Tuesday, October 1, 2024.
On September 13, 2024, the committee introduced that the Federal Govt Council underneath the management of President Bola Tinubu accepted the sale of crude to native refineries in naira and the corresponding buy of petroleum merchandise in naira.
“From October 1, NNPC will begin the availability of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.
The Chairman of the Technical Sub-Committee is Zacch Adedeji, who doubles as Chairman of the Federal Inland Income Service.
The Particular Adviser on Media to the FIRS Chairman, Mr Dare Adekanmbi, had responded within the affirmative when contacted on Sunday and requested if the plan for the crude oil provide to the $20bn Lekki-based plant was nonetheless intact.
“I can affirm that the Chairman of the Sub-Technical Committee, Zacch Adedeji, is working day and night time to make sure that issues go based on plans. He is aware of how essential it’s to have the settlement applied as has been deliberate for the good thing about Nigerians,” Adekanmbi had said.
However on Thursday, impeccable sources with three home refineries said that they weren’t conscious if the deal had commenced.
NNPC officers stayed mute when contacted for updates on the deal, directing our correspondent to the Ministry of Finance to get solutions. The finance ministry didn’t present solutions when contacted.
Nonetheless, a senior official with a home refinery stated crude oil refiners together with Dangote had been nonetheless awaiting the Federal Authorities for the availability of crude in naira.
The official additionally famous that the federal government by its committee on crude-for-naira had assured operators that efforts had been in prime gear to ship on the deal.
“ that stated it was to begin on October 1, the technical committee is the one in cost now and they’re engaged on it. They’re purported to arrive at a selected settlement and talk it to us.
“However I can inform you that as of this second, we haven’t obtained that communication but. We’re nonetheless ready for them,” the operator who spoke in confidence as a result of lack of authorisation to talk on the matter, said.
One other supply with a significant modular refinery, who’s accustomed to the deal, stated, “The crude oil refiners’ physique in Nigeria hasn’t been communicated but on the deal. So we await the official communication as a result of up until final week, we spoke with them (the federal government) they usually assured us that the deal was nonetheless heading in the right direction.
“Nonetheless, I’d wish to state that offers of this nature take some time earlier than they’re accomplished. There are loads of issues to be sorted earlier than a closing determination is reached. So we’ve to attend for them.”
The federal government defined in September that the naira-for-crude initiative would assist scale back strain on the naira, eradicate pointless transaction prices, and enhance the supply of petroleum merchandise throughout the nation.
“Since then, the implementation committee chaired by the Minister of Finance and we, the technical committee, have labored intensely with NNPC and Dangote refinery to style out the small print of the modalities for the implementation of the FEC approval,” Adedeji had said.
Whereas stating that crude could be bought to Dangote in naira from October 1, the committee chairman and FIRS boss stated, “In return, the Dangote refinery will provide PMS (petrol) and diesel of equal worth to the home market to be paid in naira.
“Diesel might be bought in naira by the Dangote refinery to any off-taker. PMS will solely be bought to NNPC. NNPC will then promote to varied entrepreneurs for now. All related regulatory prices (NPA, NIMASA, and many others.) may even be paid in naira. We’re additionally establishing a one-stop store that may coordinate service provision from all regulatory businesses, safety businesses, and different stakeholders to make sure a easy implementation of this initiative.”
Adedeji defined that the technical committee that labored to flesh out the initiative would transition to an implementation execution and monitoring committee that will be figuring out of Lagos for the subsequent three to 6 months.
