Tinubu [/b]has directed the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil in Naira to the Dangote Refinery and other upcoming refineries.
The move is designed to help stabilize the pump price of refined fuel and the dollar-Naira exchange rate.
The Federal Executive Council (FEC) adopted this decision, with the Dangote Refinery serving as a pilot project.
The refinery requires 15 cargoes of crude oil annually, costing $13.5 billion, and NNPC has committed to supplying four of these cargoes.
According to Bayo Onanuga, President Tinubu’s special adviser on information and strategy, the FEC has approved that 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries.
Bayo Onanuga, President Tinubu’s special adviser on information and strategy, announced this development in a tweet on Monday, July 29.
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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