President Bola Tinubu has directed the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other upcoming refineries in Naira.
This directive was announced by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, via his official X handle on Monday.
Onanuga explained that the move, adopted by the Federal Executive Council (FEC) today, aims to stabilize the pump price of refined fuel and the dollar-Naira exchange rate.
Currently, Dangote Refinery requires 15 cargoes of crude annually, costing $13.5 billion. NNPC has committed to supplying four cargoes.
The FEC has now approved offering the 450,000 barrels meant for domestic consumption in Naira to Nigerian refineries, starting with the Dangote Refinery as a pilot project.
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 from dollar payments.”
