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Finally, Tinubu Orders NNPC to Sell Crude Oil to Dangote Refinery in Naira – Tinubu Orders NNPCL

By
Prnigeria
-
July 29, 2024
President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

Sell Crude Oil to Dangote Refinery in Naira – Tinubu Orders NNPCL

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.

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It was gathered 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.

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.”

 

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Gunmen Kill Five in Plateau as Army Moves to Contain Tiv-Fulani Clashes in TarabaPolice Arrest Notorious Bandits in Abuja, Rescue Abducted Victims in KogiAWCN Commandant Tasks Departing Officers to Uphold Discipline, ProfessionalismBandits Abduct Naval Personnel, Family in Kaduna as FCT Police Arrest Armed RobberAnambra Police Arraign Four Over Child DefilementNSCDC: Interior Minister Decorates 22 Newly Promoted ACGs in AbujaHunter, Farmer Killed as Villager Eliminates Armed Bandit in Separate Attacks in NorthcentralNAF Offers Free Healthcare to 11,000, Conducts 846 Surgeries in ImoPHOTOS: Third Estate Salutes CP Jimoh’s Leadership in Transforming Lagos PolicingIGP Upgrades Police Medical Section to Directorate StatusTroops Eliminate 3 Kidnappers, Rescue 2 Victims in DeltaTinubu Hails Nigerian Armed Forces at TICAD 9 as Japan Pledges $5.5bn Support for AfricaCOAS Commissions Signature Projects in South-south, Reassures Troops' WelfareNigeria’s Military Gains a Springboard for Development, Tinubu Tells TICAD SummitFG Unveils Youth-Driven Manifesto to Unlock Agritech, Finance
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