The Federal Executive Council (FEC), led by President Bola Ahmed Tinubu, has approved the sale of crude oil to Dangote Refinery and other local refineries in Naira instead of Dollars.
This announcement was made by Zacch Adedeji, the Chairman of the Federal Inland Revenue Service (FIRS), during a briefing with State House reporters.
Also, the Special Adviser to the President on Information and Publicity, Bayo Onanuga disclosed this via his official X handle on Monday.
Onanuga explained that this measure, adopted by the Federal Executive Council (FEC), aims to stabilize the pump price of refined fuel and the dollar-Naira exchange rate.
Currently, the Dangote Refinery needs 15 cargoes of crude annually, costing approximately $13.5 billion. The NNPC has pledged to supply four cargoes.
The FEC has approved that the 450,000 barrels of crude designated for domestic consumption be sold in Naira to Nigerian refineries, starting with the Dangote refinery as a pilot.
The statement further noted, “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.
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