The Federal Executive Council ( FEC) has ordered the Nigeria National Petroleum Company and Internal Oli Companies ( IOCs) operating in the country to start selling crude oil to Dangote Refinery Company and other modular refineries in Naira.
The decision was taken during the monthly meeting of FEC held on Monday at Aso Rock villa and presided over by President Bola Tinubu.
Special Adviser to the President on Information and Publicity, Bayo Onanuga, made this known in a post via his official X handle.
Onanuga said 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.
Report revealed that Dangote Refinery, at the moment, requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four.
However, 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 a pilot.
Onanuga added that : “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, further saving the country of dollar payments.”
(vitalnewsngr.com)
