Abuja, July 29, 2024 – President Bola Tinubu has ordered the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to Dangote Refinery and other local refineries in naira.
Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced this on Monday through a post on X, formerly Twitter.
He wrote: “To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.
“Dangote Refinery at the moment requires 15 cargoes of crude at a cost of $13.5 billion yearly. NNPC has committed to supply four.
“But 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 a pilot.
“The exchange rate will be fixed for the duration of this transaction.
“Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited.
“The game-changing intervention will eliminate the need for international letters of credit. It will also save the country billions of dollars used in importing refined fuel.” (GBN)
