President Bola Tinubu offers lifeline to Dangote Refinery, NNPC to sell crude oil to it in Naira.
President Bola Ahmed Tinubu has offered lifeline to Dangote Refinery as he ordered NNPCL to sell crude oil to the Refinery in Naira.
This was disclosed in statement shared via the official social media (X) handle of Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga.
Onanuga stated, “To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.
“Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four.
“But 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 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. It will also save the country of billions of dollars used in importing refined fuel.”
