News | Events | Digital PR | Advertising

Home News Tinubu orders NNPC to sell crude to Dangote Refinery in Naira
News

Tinubu orders NNPC to sell crude to Dangote Refinery in Naira

Share
Share

President Bola Tinubu has directed the Nigerian National Petroleum Company Limited to sell crude to Dangote Refinery and other upcoming refineries in Naira

The Special Adviser to the President on Information and Publicity, Bayo Onanuga, made this known in a post via his official X handle on Monday.

Onanuga stated that 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.

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.

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. The game-changing intervention will eliminate the need for international letters of credit, further saving the country of dollar payments.”

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Nigerian military
News

Nigeria Ranked 3rd Most Powerful Military in Africa by 2025 Global Firepower Index

Nigeria has been ranked as the third most powerful military force in...

NewsPolitics

America State Department Advises Americans in Iran to ‘Shelter in Place’; No Evacuation Plans Announced

The U.S. State Department has advised Americans currently in Iran to “shelter...

13 Killed Houses Burnt During Gunmen Attack in Plateau State
News

13 Killed, Houses Burnt During Gunmen Attack in Plateau State

Multiple communities in Bassa, Bokkos, and Mangu local government areas of Plateau...

Alhaji Dahiru Mangal
News

Katsina Philanthropist, Alhaji Dahiru Mangal, Sponsors Urology Surgeries with Over N80m

Popular philanthropist in Katsina State, Alhaji Dahiru Mangal, has donated more than...