The directive given by President Tinubu mandates the Nigerian National Petroleum Company Limited (NNPCL) to vend crude oil in Naira currency to Dangote Refinery.
On Monday, it was revealed in an official statement on Bayo Onanuga’s X account that he is a media aide to the president.
President Tinubu’s proposal to sell crude oil in Naira to Dangote Refinery and other emerging refineries was adopted by the Federal Executive Council today with the aim of securing stable prices for refined fuel as well as a steady dollar-Naira exchange rate.
Currently, the Dangote Refinery needs 15 shipments of crude oil amounting to $13.5 billion annually, while NNPC has pledged to provide four.
The FEC has granted approval for the 450,000 barrels intended for local use to be sold in Naira to Nigerian refineries with Dangote refinery piloting the initiative. The exchange rate will remain unchanged throughout this transaction.
According to him, Afreximbank and other settlement banks based in Nigeria will facilitate the trade between Dangote and NNPC Limited. This revolutionary measure aims at eliminating the requirement for international letters of credit while saving billions of dollars that are typically spent on importing refined fuel into the country.
Amidst the disagreement between NNPCL, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, alongside other regulators in Nigeria’s oil and gas sector is the emergence of progress concerning 650,000 barrel-per-day Dangote Refinery.
There is more yet to be revealed!
