Nigeria has taken a significant step in its journey toward energy self-sufficiency with the commencement of Premium Motor Spirit (PMS) supply to the Nigerian National Petroleum Corporation Limited (NNPCL) from the Dangote Refinery. This bold initiative 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.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who was at Dangote Refinery on Monday 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. HM Edun then acknowledged 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, who accompanied the Minister to Lagos.
During his visit, the Minister received 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.
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