President Bola Tinubu has directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery in Naira.
The president said the gesture would also be extended to other upcoming refineries in the country.
Bayo Onanuga, the Special Adviser to the President on Information and Publicity, made this known in a post via his official X handle on Monday.
Onanuga said the move was adopted by the Federal Executive Council on Monday.
According to him, it was aimed at ensuring the stability of the pump price of refined fuel and the dollar-Naira exchange rate.
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It was gathered that Dangote Refinery, at the moment, requires 15 cargoes of crude, at a cost of $13.5 billion yearly. However, NNPC has committed to supply four.
However, 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.”