Tinubu

President Bola Tinubu has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other upcoming refineries within the country in naira, rather than US dollars.

The announcement was made on Monday by Bayo Onanuga, the Special Adviser to the President on Information and Publicity, via his X account.

According to Onanuga, the Federal Executive Council has approved that the 450,000 barrels of crude meant for domestic consumption be offered to Nigerian refineries in naira.

The Dangote Refinery, which requires 15 crude oil cargoes worth $13.5 billion annually, will be used as a pilot for this new arrangement.

Onanuga stated that the move is to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate.

The statement read, “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.”

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