After weeks of claims and counterclaims of a huge conspiracy against local refineries, President Bola Tinubu on Monday directed the Nigerian National Petroleum Company Limited 9NNPCL) to sell crude to Dangote Refinery and other refineries in Naira.
The Special Adviser to the President on Information and Publicity, Bayo Onanuga, announced the presidential directive on his official X handle on Monday.
According to Onanuga the order by President Tinubu, 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.
He said FEC 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 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”, the statement further read.
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