President Bola Ahmed Tinubu has instructed the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil in Naira to the Dangote Refinery and other emerging refineries.
This initiative aims to stabilize fuel pump prices and the exchange rate between the dollar and the Naira.
The Federal Executive Council (FEC) approved this decision, with the Dangote Refinery being used as a pilot project.
The refinery requires 15 cargoes of crude oil annually, costing $13.5 billion, and the NNPC has committed to supplying four of these cargoes.
Bayo Onanuga, President Tinubu’s special adviser on information and strategy, announced on Twitter that the FEC has approved selling 450,000 barrels intended for domestic consumption to Nigerian refineries in Naira.
The post reads in part:
“The FEC has approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as the pilot. The exchange rate will be fixed for the duration of this transaction.”
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