President Bola Tinubu has directed the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil in Naira to Dangote Refinery and other upcoming refineries.
This directive was announced by the President’s Special Adviser on Information and Publicity, Bayo Onanuga, via his official X handle on Monday.
Onanuga stated, “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 today.”
According to reports, the Dangote Refinery currently requires 15 cargoes of crude annually, costing $13.5 billion. NNPC has committed to supplying four of these cargoes.
The Federal Executive Council has approved that 450,000 barrels intended for domestic consumption be offered in Naira to Nigerian refineries, starting with the Dangote refinery.
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.
This game-changing intervention will eliminate the need for international letters of credit, further saving the country of dollar payments.”
