President Bola Tinubu has directed the Nigerian National Petroleum Company Limited to sell crude oil to Dangote Refinery in Naira.
This was revealed by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, on Monday.
Writing on his official X handle, Mr Onanuga said the move, which is to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council (FEC) on Monday.
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 statement added, “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, further saving the country of dollar payments.”
This newspaper reports that Dangote Refinery, at the moment, requires 15 cargoes of crude, for $13.5 billion yearly. NNPC has committed to supply four.
