The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement saying that it was in line with the Federal Executive Council, FEC, directive that the sale of crude oil and refined petroleum products in Naira should officially commence on October 1, 2024.

Mohammed Manga, Director, Information and Public Relations, Ministry of Finance, in a press statement said Edun, following a meeting of the implementation committee, chaired by the 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 the strategic initiative was affirmed by key stakeholders.

He said the meeting brought together prominent figures,  including the Minister of State, Petroleum (Oil), 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), the representative of the Chairman of Dangote Group, the Vice President of Dangote Group, and the management of the Nigerian National Petroleum Company (NNPC), led by the Group Chief Executive Officer (GCEO), Chief Financial Officer (CFO), and Executive Vice President (Downstream).

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He stated that the strategic initiative and bold step taken by the President Bola Ahmed Tinubu-led administration  was expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency, especially as the country continued to navigate the complexities of global markets.

He said the strategic move positioned Nigeria for success in the years to come.

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This is as he has pledged to remove all bottlenecks standing in the way of profitable and legitimate enterprise.

Speaking at the Nigeria-Qatar Business and Investment Forum in Doha, on Sunday, President Tinubu told Qatari investors that Africa’s largest economy and its systems were being reformed and upgraded, and asked Qatar’s captains of industry to report any government official who might demand a bribe or any form of inducement at any point in their business endeavour moving forward with full assurance of their direct access to the President’s Office.

“I am here to give you the assurance that reforms are going on; forget about whatever you heard in the past. Whatever is the obstacle or problem that some of you might have experienced; it is in the past, because there is no obstacle in the future.

“Do not offer a bribe to any of our people, and if it is requested or taken from you, report to us. You will have access to me. Nigeria will no longer be defined by the past, but by what we do now and moving forward. Do not let perceptions become a hindrance to your will to invest. Nigeria is serious about revolutionizing investment promotion. We are removing obstacles today and we are going to continue to remove all obstacles. We have done so much within nine months. And I am assuring you, it is free entry, and free exit. Your funds will flow smoothly into and out of our country. Bring your investments,” the president stated.

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Moreover, the president noted that the war against corruption and insecurity in Nigeria had been significantly strengthened with the appointment of the former Chairman of the Economic and Financial Crimes Commission, EFCC, Mallam Nuhu Ribadu, as National Security Adviser, NSA.

“We have a man who has won many global awards for anti-corruption as an anti-corruption czar.

“My responsibility is to tell you that Nigeria is open for business, and to assure you that your investments are safe in our hands. We have men and women of great reputation here. And we believe we can forge a good committee that will advance our discussions to fruitful conclusions.

“A nation is an artificial entity unless there are good people to drive it. People build great nations and we have great people. We are ready,” the president affirmed.

The president also noted that Nigeria possessed vast opportunities in various fields, telling his host: “We have oil and gas; we have solid minerals. I do not see why we cannot become prolific partners in exploring iron ore, as well as steel production, and energy across the board.

“I am here to give you assurances in all spheres: tourism, hospitality, healthcare, and in many other opportunities that abound around us. Do not be the investors who miss out on the golden opportunity we present,” the president added.

Welcoming the Nigerian delegation in the presence of Qatari captains of industry, Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, Qatar’s Minister of Commerce and Industry, said his country looked forward to exploring opportunities in Nigeria, owing to its population demography and market, as it sought to prioritize new investments in low carbon initiatives, mineral products, petroleum chemicals, industry, and consumables.

“We look forward to working with our Nigerian counterparts to achieve our joint objectives in these sectors,” the minister said.

Accompanying the president to the Nigeria-Qatar Business and Investment Forum were Borno State Governor, Professor Babagana Umara Zulum; Kaduna State Governor, Senator Uba Sani; Lagos State Governor, Mr. Babajide Sanwo-Olu; Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun; Minister of Solid Minerals Development, Dr. Dele Alake; Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate; Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola; Minister of Trade, Industry and Investment, Dr. Doris Uzoka-Anite; Minister of Youth, Dr. Jamila Bio Ibrahim; and the Minister of State for Petroleum Resources (Gas), Mr. Ekperipe Ekpo.

Also at the meeting were the National Security Adviser, Mallam Nuhu Ribadu; Special Adviser on Energy, Mrs. Olu Verheijen; and the President of the Nigerian Association of Chambers of Commerce and Industry, Mines, and Agriculture, NACCIMA, Mr. Dele Kelvin Oye.

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The announcement is contained in a communiqué issued at the end of FAAC meeting for August, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

According to the communique, the N966.110 billion total distributable revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, and Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion.

It also comprised Exchange Difference revenue of N283.904 billion.

“In July, the total deductions for cost of collection was N62.419 billion, and total deductions for savings, transfers, refunds and tax credit cancellation was N717.962 billion.

“The balance in the Excess Crude Account (ECA) was 473,754.57 dollars”.

According to the communiqué, from the total distributable revenue of N966.110 billion; the Federal Government received N374.485 billion, state governments received N310.670 billion and the LGCs received N229.409 billion.

It said that N51.545 billion was shared as 13 per cent derivation revenue to oil derivation states.

“Gross statutory revenue of N1150.424 billion was received for the month of July.

“This was lower than the sum of N1152.921 billion received in the month of June by N2.497 billion.

“From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, the State governments received N96.619 billion and the LGCs received N74.489 billion.

“The sum of N35.822 billion was shared to the relevant States as 13 per cent derivation revenue,” it said.

It said that the gross revenue available from VAT was N298.789 billion.

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“This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.

“The Federal Government received N40.792 billion, the State Governments N135.974 billion and the LGCs received N95.181 billion from the N271.947 billion distributable VAT revenue.

“The N12.840 billion EMTL was shared as follows:

“The Federal Government received N1.926 billion, the State Governments received N6.420 billion and the Local Government Councils received N4.494 billion.

“From the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, the State governments received N71.658 billion, the LGCs received N55.245 billion.

“The sum of N15.723 billion was shared to the relevant states as 13 per cent mineral revenue,” the communique said.

According to the communiqué, import and Excise Duties and EMTL increased considerably in July, while VAT increased marginally.

“Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas royalties recorded significant decreases,” it said.

Source: NAN

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