Posts in category: CatchUp

In a decisive step toward addressing Nigeria’s flood-related challenges, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, participated today in the inaugural meeting of the Inter-Ministerial Technical Committee on the Evaluation of Dams. chaired by the Honourable Minister of Water Resources and Sanitation, Engineer Joseph Utsev.

At the meeting convened to assess the safety and functionality of dams nationwide, the Minister of Water Resources and Sanitation underscored the recent review of the devastating floods in Maiduguri and surrounding areas which was discussed during the Federal Executive Council (FEC) meeting held on September 23rd, 2024 where the Council emphasized the urgent need for a Disaster Relief Fund to enable a swift response to national disasters in order to minimize the hardships experienced by affected communities.

Approved by President Tinubu, the Inter-Ministerial Technical Committee has been tasked with evaluating the structural integrity of Nigeria’s dams, assessing their social and environmental impact on local communities, and formulating a comprehensive plan to address the challenges posed by these critical infrastructures.

Addressing the media after the meeting, HM Edun highlighted that although the current response is tied to the Borno floods, the government has been actively preparing for such events, and informed that earlier in the year, funding was allocated to all states to implement measures aimed at mitigating the impact of flooding.

The Honourable Minister further informed that President Tinubu has also established a separate committee to create a Disaster Relief Fund dedicated to addressing specific national emergencies. This initiative, he noted, will include private sector leadership and is part of government’s broader strategy to strengthen national preparedness, particularly in light of the growing risks posed by climate
change.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
October 2, 2024

In its avowed determination towards ensuring a boost in the nation’s upstream and downstream sector, the Federal Government has introduced groundbreaking concessions aimed at revitalizing the industry.

This is just as the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today unveiled two major fiscal incentives aimed at revitalizing Nigeria’s oil and gas sector:

• Value Added Tax (VAT) Modification Order 2024
• Notice of Tax Incentives for Deep Offshore Oil & Gas Production, in accordance with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.

The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment. These measures are designed to lower the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.

In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects. This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments.

These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42. They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.

With these bold initiatives, Nigeria is firmly on track to reclaim its position as a leader in the global oil and gas market. These fiscal incentives demonstrate the administration’s unwavering commitment to fostering sustainable growth, enhancing energy security, and driving economic prosperity for all Nigerians.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
October 2, 2024

As part of the celebrations for Nigeria’s 64th Independence Anniversary, the Federal Government today unveiled 64 Compressed Natural Gas (CNG) buses, underscoring its commitment to providing affordable and environmentally friendly transportation for Nigerians.

The unveiling ceremony, held at the Presidential Villa, Abuja was led by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. In attendance were other high-ranking officials, including the Honourable
Minister of Budget and Economic Planning, Senator Abubakar Bagudu; the Honourable
Minister of Information and National Orientation, Mr. Mohammed Idris Malagi; and the Honourable Minister of State for Youth Development, Mr. Ayodele Olawande Wisdom.

This launch marks the first phase of a broader initiative that will see the distribution of over 500 CNG and 100 electric buses to labour and student unions aimed at enhancing public transport nationwide.

In his remarks, the Honourable Minister emphasized that this initiative fulfils President Bola Ahmed Tinubu’s promise to support Nigeria’s most vulnerable citizens in the wake of necessary macroeconomic reforms.

The unveiling of these 64 buses is a symbolic gesture in honour of our nation’s 64th Independence Anniversary, but it represents just the beginning. Hundreds more buses are on order, with deliveries continuing, HM Edun stated.

He added that the move is a crucial part of our strategy to transition to cleaner, more affordable energy for Nigerians, particularly in the mass transit sector.

The Minister explained that the adoption of CNG reflects a shift towards more cost-effective and environmentally friendly fuel options. He noted that CNG-powered vehicles significantly reduce fuelling costs, offering up to a 70% savings compared to petrol-powered vehicles.

A CNG vehicle costs about one-third of what it takes to fuel a petrol vehicle. Instead of spending 50,000 Naira to fill a tank, Nigerians will pay around 15,000 Naira with CNG. This is a substantial step towards lowering the cost of living, curbing inflation, and improving the quality of life for Nigerians, the Minister said.

The rollout of CNG buses not only supports more affordable public transportation but also marks a significant milestone in Nigeria’s efforts to address climate change, promote cleaner energy, and drive sustainable economic growth.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 29, 2024

EDUN DRIVES SOCIAL INVESTMENT PROGRAMME FORWARD TO UPLIFT NIGERIA’S MOST VULNERABLE POPULATION

In a significant stride towards actualizing President Bola Ahmed Tinubu’s Renewed Hope Agenda, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has convened a high-level meeting of the Presidential Panel on the Social Investment Programme (SIP) with a view to assessing the progress of policies designed to uplift Nigeria’s most vulnerable populations

Key updates from the meeting, which was held in his office in Abuja today, included the second payments to approximately one million verified recipients under the Direct Benefit Transfer (DBT) program.

Additionally, the National Social Safety-Net Coordinating Office (NASSCO) was encouraged to become a front-end partner with National Identity Management Company (NIMC) for NIN enrollment, and a new communication strategy was discussed to improve programme outreach across Nigeria.

Reforms to the School Feeding Programme were also explored.

In his remarks, the Honourable Minister emphasized the critical importance of identifying the most vulnerable individuals, ensuring they receive their benefits promptly and securely using digital means.

He reiterated the present administration’s commitment to ensuring a successful delivery of social investment programmes efficiently and transparently

As Nigeria continues on its path towards renewed hope and development, this high-level meeting marks a crucial step towards harnessing the potential of social investment programmes to drive positive change.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 26, 2024

The Federal Ministry of Finance has celebrated the remarkable career and dedication of Mr. Okokon Ekanem Udo, Permanent Secretary, Special Duties, as he bows out of the Federal Civil Service, leaving behind a legacy of excellence and commitment to Nigeria’s economic development

In a heartfelt
remarks at the reception held in Abuja in his honour, weekend, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun acknowledged Mr. Udo’s unparalleled contribution to the Ministry, saying: Okokon’s commitment to Nigeria’s economic development is unparalleled. His expertise, guidance, and leadership have been invaluable to our Ministry. We salute his legacy and wish him a well-deserved rest.

Also speaking,
Mrs. Lydia Shehu Jafiya, Permanent Secretary Federal Ministry of Finance, praised Mr. Udo’s collaborative spirit and contributions to the Ministry’s successes stating,
Okokon has been an exceptional colleague, always willing to lend his expertise and support. His departure leaves a void, but his impact will be felt for years to come.

A cross-section of Directors of the Ministry also shared heartfelt tributes to the retiring Permanent Secretary, highlighting his mentorship, wisdom, and selfless dedication to duty,
Okokon’s mentorship and wisdom have inspired a generation of public servants. His legacy will continue to inspire us – His selfless dedication to duty has earned him a special place in our hearts. We will miss his wise counsel, they said

In his response, Mr. Udo expressed deep gratitude for the kind words and sentiments. I am honoured to have served this great nation and contributed to the development of our economy. I am proud of what we have achieved together, and I am confident that the Ministry will continue to thrive and excel in the years to come, he said

The Outgoing Permanent Secretary thanked everyone for their support, collaboration, and friendship throughout his career, saying, I look forward to a happy and fulfilling retirement, and I’m also excited to explore new opportunities to serve the nation in different capacities. Thank you once again, and may God bless our nation, he said

Mr. Okokon Ekanem Udo, born on October 19, 1964, at Itak Ikot Obio Ise, Ini Local Government Area of Akwa Ibom State, has left an indelible mark on Nigeria’s financial landscape. His commitment to excellence and public service will be deeply missed.

As Mr. Udo embarks on this new chapter, the Federal Ministry of Finance,  wishes him a happy and fulfilling retirement, grateful for his tireless efforts and contributions to the nation’s economic growth and development.

We celebrate not only his achievements but also the person he is – a true public servant, a leader, and a mentor. His legacy will continue to inspire and motivate us to achieve greater heights, said the Ministry’s staff

In its avowed determination to improve the lives of the citizenry in line with contemporary realities, the Federal Government has assured that it will continue to collaborate with relevant stakeholders with a view to implementing policies, programmes, and projects that will reinvigorate the nation’s economy.

The Permanent Secretary Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, gave the assurance today in her office in Abuja
during a sensitisation programme on the forth-coming implementation of Quarterly Citizens and Stakeholders Engagement.

She stated that the gathering provides an opportunity for
making a critical commitment to transparency, accountability, and inclusive dialogue in the management of the country’s finances and economic policies.

The Permanent Secretary explained that the Ministry plays a vital role in shaping Nigeria’s economic future. Our policies directly affect the livelihoods of millions of Nigerians, and it is our duty to ensure that these policies are communicated effectively, understood by the public, and enriched by the feedback and participation of all stakeholders. Jafiya said.

She informed that the
introduction of Quarterly Citizens and Stakeholders Engagement by the Central Delivery Coordination Unit (CDCU) in the reporting of presidential priorities and ministerial deliverables is a strategic move to enhance communication between the government and its citizens. It marks a significant step toward improving the transparency and accountability of our financial policies, programs, and overall economic strategies, she added

Mrs Jafiya explained further that in a democratic society, the management of public finances is not a function that can be carried out in isolation, but that it is imperative that citizens are aware of how their tax contributions are being utilised, how national debt is being managed, and how public funds are allocated as well as spent.

This level of engagement she added is essential to achieving sustainable economic growth and inclusive development.

She noted that citizens and stakeholder engagement were equally crucial for the successful implementation of reforms. Stressing that since the beginning of this administration, the Federal Ministry of Finance under the stewardship of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has spearheaded several reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline.

Mrs Jafiya emphasized that the success of these reforms has led to improvements in the Gross Domestic Product (GDP) of the country. We are not there yet; however, we believe that the way forward is the designing of policies and faithful implementation of strategies that will address Nigeria’s current socio-economic challenges and translate the Renewed Hope vision into tangible inputs which will help to transform our economy.

It is pertinent to note that despite the challenging economic outlook, economic growth strengthened in the second quarter of 2024, with GDP growth by 3.19% (year-on-year) in real terms. This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%. The performance of the GDP in the second quarter of 2024 was driven mainly by the services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP. The agriculture sector grew by 1.41%, from the growth of 1.50% recorded in the second quarter of 2023. The growth of the industry sector was 3.53%, an improvement from -1.94% recorded in the second quarter of 2023. In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023. In the second quarter of 2024, aggregate GDP at the basic price stood at N60, 930,000.58 million in nominal terms, the Permanent Secretary said.

She informed further that this performance is higher when compared to the second quarter of 2023, which recorded aggregate GDP of N52, 103,927.13 million, indicating a year-on-year nominal growth of 16.94%.

Mrs. Jafiya reaffirmed that the Federal Ministry of Finance will lead these proposed quarterly engagements while also observing that the active participation of various stakeholders is critical. The private sector remains a key driver of Nigeria’s economic growth. Your insights will be valuable in shaping policies that create an enabling environment for businesses to thrive while fostering sustainable economic development. Your role as watchdogs of democracy is critical in ensuring that these engagement sessions are productive and impactful.

As the voice of the people, she said, we also count on the media to report accurately on these engagements, ensuring that the broader public are well informed of government activities. The media is a powerful tool in promoting transparency and disseminating information. Your contributions will ensure that the voice of the people is adequately represented, especially those at the grassroots level.

While acknowledging that the implementation of the Quarterly Engagement Sessions will not be without its challenges, the Permanent Secretary expressed confidence that with collaboration and commitment of civil society organizations, religious bodies, the media and other relevant stakeholders,
these obstacles can be overcome.

She commended the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, for his stewardship and unwavering commitment to driving the various economic reforms in line with the policy thrust of the present administration, assuring further that the Ministry will continue to create an enabling environment to ensure the successful realization of its mandate

Earlier in his remarks, the Delivery Manager, Central Delivery Coordination Unit (CDCU), Mr. Uyi-Aivinhenyo Osagie stated that the sensitization session on the implementation of stakeholders’ engagement by the Federal Ministry of Finance was aimed
to enlighten citizens’ groups on the Ministry’s performance in delivering on the 8 Priorities of President Bola Ahmed Tinubu’s Administration, especially in the area of ensuring sustainable development and economic stability of our nation.

With this stakeholder engagement and others to follow soon, Mr. Osagie said the Ministry has commenced the process of involving citizens in the implementation of the performance contract, which had earlier on been signed with Mr President.

This will involve informing, sensitizing, effectively engaging, and prioritizing stakeholders’ inputs in the implementation of its Ministerial Deliverables. The goal is to build better relationships with stakeholders, which can lead to improved citizens collaboration and performance of the Ministry.
All stakeholders as well as citizens groups now have an opportunity to understand the critical work the Ministry is doing towards reforming the economy, make informed inputs, raise observations and recommendations to help the government achieve its desired outcomes.

As stakeholders, each one of you plays a vital role in this process. Whether you are from the government, civil society, or the private sector, your involvement is essential. Together, we can ensure that the government performs in a way that maximizes their impact and benefits all citizens. By closely monitoring the performance of the Federal Ministry of Finance, you can help identify inefficiencies, support performance, and ensure that resources are directed towards their intended purposes, he said.

While commending the efforts of the Ministry in ensuring the realization of the policy objectives of government aimed at repositioning the economy, a cross section of the civil society organizations at the session advocated the need for citizens engagement in the formulation and implementation of government policies in order to bridge gaps in communication between the government and the people at the grassroots

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 19, 2024

The Culture Change Song and Video previously launched in the Federal Civil has been reintroduced to drive the ongoing Federal Civil Service Strategy and Implementation Plan (FCSSIP)-25 reforms in the Nigerian Civil Service.

The Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, OON, mni, unveiled the Change Song and Video at a Retreat for Federal Permanent Secretaries held in Suleja, Niger State from Thursday 5th to Saturday, 7th September, 2024,

She said the culture change Song and Video are expected to drive and accelerate the critical reforms in the Nigerian Federal Civil Service and act as a unifying force that will strengthen the culture of an efficient, productive, incorruptible, and citizen-centred (EPIC) Public Service.

Mrs Walson-Jack said, “This Song, a source of pride and inspiration, will also serve as a “clarion call and rallying point for all Federal Civil Servants, uniting us in our shared mission to drive the reforms, boost productivity, and deliver excellent service to Nigerian citizens.”

She explained further that the change Song and Video will inspire Federal Civil Servants to exhibit professionalism, courtesy, and respect in their work and interactions with colleagues and the public, making them the change Nigerians want to see.

The release of the Federal Civil Service Song marks the beginning of a journey in which every Federal Civil Servant will play a crucial role in the culture change and change management, aimed at promoting values reorientation, transparency, accountability and a culture of integrity.

For further information, please contact:

Eno Olotu (Mrs) mnipr
Head, Information and Public Relations
Phone Number: 09932450295
Email: olotueno2017@gmail.com

Please click the link below for the Federal Civil Service Culture Change song (audio and video)

https://drive.google.com/file/d/1NywkPvyYBxT0HqUAgCKDdEw2JwjzxLST/view?usp=sharing

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has met with a high-level delegation from the African Development Bank (AfDB) led by Dr. Abdul Kamara, Director General for Nigeria at the AfDB.

The meeting, which was held today in his office in Abuja, explored a range of potential areas for collaboration between the Ministry and the AfDB. Key topics discussed at the meeting included initiatives to strengthen food security, the Special Agro-Industrial Processing Zones (SAPZ) project, and other strategic engagements aimed at promoting sustainable economic growth and development in Nigeria.

The Minister highlighted the critical role of AfDB’s funding and technical expertise as Nigeria approaches a pivotal harvest season, which is essential for the country’s food security and economic stability.

Speaking earlier, the leader of the delegation, Dr. Abdul Kamara, Director General for Nigeria at the AfDB, commended President Bola Ahmed Tinubu’s economic reforms, emphasizing their importance in tackling Nigeria’s pressing economic challenges

Dr. Kamara also expressed deep sympathy on behalf of the AfDB President, Dr. Akinwumi Adesina, for the recent flooding in Maiduguri, assuring the Minister of the Bank’s readiness to provide support in addressing the aftermath of the disaster.

Representatives from both the African Development Bank and the Ministry of Finance attended the meeting, including Linda Amadi, Orison Amu, George N.S, and Onyoh Ajibola.

This courtesy visit underscores the African Development Bank’s commitment to supporting Nigeria’s economic development and reinforces the importance of international cooperation in driving sustainable growth.

Thus, the African Development Bank’s endorsement of President Tinubu’s economic reforms marks a significant milestone in Nigeria’s journey towards economic stability and growth.

As the country navigates the challenges of food security and economic development, AfDB’s support and expertise will play a vital role in shaping Nigeria’s economic future.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 18, 2024

The Federation Account Allocation Committee (FAAC), at its September 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.203 Trillion to the three tiers of government as Federation Allocation for the month of August, 2024 from a gross total of N2.278 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference (ED), the Federal Government received N374.925 Billion, the States received N422.861 Billion, the Local Government Councils got N306.533 Billion, while the Oil Producing States received N99.474 Billion as Derivation, (13% of Mineral Revenue).

The sum of N81.975 Billion was given for the cost of collection, while N992.617 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of August 2024, was N573.341 Billion as against N625.329 Billion distributed in the preceding month, resulting in a decrease of N51.988 Billion.

From that amount, the sum of N22.934 Billion was allocated for the cost of collection and the sum of N16.512 Billion given for Transfers, Intervention and Refunds. The remaining sum of N533.895 Billion was distributed to the three tiers of government, of which the Federal Government got N80.084 Billion, the States received N266.948 Billion and Local Government Councils got N186.863 Billion.

Accordingly, the Gross Statutory Revenue of N1.221Trillion received for the month was lower than the sum of N1.387 received in the previous month by N165.994. From the stated amount, the sum of N58.415 Billion was allocated for the cost of collection and a total sum of N976.105 Billion for Transfers, Intervention and Refunds.

The remaining balance of  N186.636 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N71.624 Billion, States received N36.329 Billion, the sum of N28.008 Billion was allocated to LGCs and N50.675 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N15.643 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.252 Billion, States got N7.509 Billion, Local Government Councils received N5.256 Billion, while N0.626 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N468.245 Billion from Exchange Difference, which was shared as follows: Federal Government received N220.964 Billion, States got N112.076 Billion, the sum of N86.406 Billion was allocated to Local Government Councils, N48.799 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed that
Companies Income Tax (CIT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Petroleum Profit Tax (PPT), Oil and Gas Royalty and Customs External Tarrif levies (CET) all recorded decreases.

According to the Communique, the total revenue distributable for the current month of August 2024, was drawn from Statutory Revenue of N186.636 Billion, Value Added Tax (VAT) of N533.636 Billion, N15.017 Billion from Electronic Money Transfer Levy (EMTL) and N468.245 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.203 Trillion.

The balance in the Excess Crude Account (ECA) as at September 2024 stands at $473.754.57

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while welcoming FAAC members, appreciated them for their continued support and contributions, urging them to do more

While also thanking the Revenue Generating Agencies for their hard work in ensuring that the three tiers of government are running smoothly, HM Edun assured that Nigeria is going well, explaining that we have a President whose actions is in line with the Rule of Law and he is making sure that whatever the country is going through is a stringent economic conditions aimed at repositioning the economy for the benefit and future of our country

He emphasised that the policies are for the good of the nation it is for our own good, we have to go through turbulent situation before the economy will stabilize for good, he said.

He added that the challenges we are witnessing are not only limited to Nigeria alone but to other countries of the world. We have to play our own role, we have to fasten our belts, he noted

Signed:
Mohammed Manga FCIA
Director, Information and Public Relations
September 17, 2024.

n a groundbreaking move poised to revolutionize Nigeria’s energy landscape, the Dangote Refinery has today commenced supply of Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL.

This bold initiative, championed by President Bola Ahmed Tinubu’s Administration, marks a significant milestone in Nigeria’s quest for energy self-sufficiency and reduced reliance on imported refined products. It also represents a key milestone in the federal government’s commitment to reducing pressure on the Naira and enhancing the availability of petroleum products in the domestic market.

Speaking today at the Dangote Refinery, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun praised President Bola Ahmed Tinubu’s visionary leadership in advancing Nigeria’s energy sector. He emphasized that this initiative aligns with the President’s vision that no raw materials should leave Nigeria’s shores without adding value.

The Minister also commended Alhaji Aliko Dangote and the Dangote Group for turning this vision into reality through the establishment of the refinery, noting its role in transforming Nigeria’s oil sector while also acknowledging the work of the technical sub-committee responsible for the implementation of crude sales to local refineries in Naira, chaired by the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji.

While in Lagos, the Minister accompanied by the Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji and other members of the Technical Sub-Committee undertook an extensive tour of the refinery’s state-of-the-art facilities, highlighting its capacity to add value locally and reduce reliance on imported refined products. HM Edun praised the refinery’s technological advancements and its potential to meet Nigeria’s domestic fuel demands efficiently.

The Minister also witnessed the loading of the first batch of PMS from the Dangote Refinery by NNPCL, marking a significant milestone in the domestic supply of refined petroleum products. This event symbolizes the first supply of PMS to NNPCL, although the official sale of crude oil for Naira transactions is scheduled to commence on October 1st.

The Federal Executive Council (FEC), under President Tinubu’s leadership, has approved the supply of crude oil to domestic refineries, including the Dangote Refinery, with payments made in Naira. “From the 1st of October, NNPCL will commence the supply of approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in Naira,” the Minister announced.

HM Edun called on other domestic refiners to join this endeavor, not only to meet the country’s needs but also to facilitate legal exports to neighboring countries, thereby enhancing foreign exchange revenue and supporting the nation’s economic well-being.

With the commencement of PMS supply, Nigeria has taken a giant leap towards achieving its energy goals. As the country continues to make strides in domestic refining and energy production, the benefits of this initiative will resonate across the economy, from improved foreign exchange earnings to enhanced economic growth.

The successful partnership between the federal government and the private sector, exemplified by the Dangote Refinery, serves as a beacon of hope for Nigeria’s future energy prosperity.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 15, 2024