President Tinubu Directs NNPCL To Sell Crude Oil To Dangote Refinery In Naira

President Bola  Ahmed Tinubu has directed the Nigerian National Petroleum Company Limited (NNPCL)  to sell crude oil to the  Dangote Refinery and other upcoming refineries in Naira.

Team@orientactualmags.com learned that the president’s Special Adviser on Information and Publicity, Mr. Bayo Onanuga, disclosed this in a post on  X  on Monday while noting that this was done  to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate.

He added that this decision was taken during the Federal Executive Council meeting on Monday.

‘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 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 of billions of dollars used in importing refined fuel’ he wrote-Team@orientactualmags.com  Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com.  Thank you