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President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira - Politics - Nairaland

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President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by blamingthedevil: 3:58pm On Jul 29
Breaking: President Tinubu offers lifeline to Dangote Refinery, NNPC to sell crude to it in Naira

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 letter of credit, further saving the country of dollar payments
Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by blamingthedevil: 3:58pm On Jul 29
Thank you President Tinubu
The best President in the history of Nigeria

3 Likes

Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by Faiththatworks(m): 3:59pm On Jul 29
Hi
Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by juvewalex(m): 4:03pm On Jul 29
Great news if true. Maybe we may take some some sigh of relief.

1 Like

Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by Chinkoalhaji34: 4:05pm On Jul 29
Na wa o! This is a smart move by Tinubu.

Supporting Dangote Refinery with Naira sales is a win-win for our economy. We dey shine small small!

6 Likes

Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by mrvitalis(m): 4:10pm On Jul 29
blamingthedevil:
Breaking: President Tinubu offers lifeline to Dangote Refinery, NNPC to sell crude to it in Naira

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 letter of credit, further saving the country of dollar payments





Crude supply is never the issue

The issue is this

1) there is no way dangote can sell petrol below ₦1100

2) Oil marketers can't buy because NNPC sales at a loss of ₦600+ to keep petrol at ₦700

3) NNPC already have people in Malta and other places with which they manipulate volume imported and they know buying from dangote they don't have that luxury

The solution

return subsidy to the way it is before so that dangote can sale for ₦580 at his depot and apply for subsidy for the balance

Or

Remove subsidy completely so tht petrol can be ₦1450 per litres and let dangote compete with imported fuel hands free

1 Like

Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by iwaeda: 4:12pm On Jul 29
blamingthedevil:
Breaking: President Tinubu offers lifeline to Dangote Refinery, NNPC to sell crude to it in Naira

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 letter of credit, further saving the country of dollar payments




This government doesn't understand what they are doing. No policy can be sustained. I hope Dangote will be OK now.Lets wait till August
cry cry cry cry cry cry grin grin grin grin grin
Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by blamingthedevil: 4:13pm On Jul 29
mrvitalis:



Crude supply is never the issue

The issue is this

1) there is no way dangote can sell petrol below ₦1100

2) Oil marketers can't buy because NNPC sales at a loss of ₦600+ to keep petrol at ₦700

3) NNPC already have people in Malta and other places with which they manipulate volume imported and they know buying from dangote they don't have that luxury

The solution

return subsidy to the way it is before so that dangote can sale for ₦580 at his depot and apply for subsidy for the balance

Or

Remove subsidy completely so tht petrol can be ₦1450 per litres and let dangote compete with imported fuel hands free


"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"


Read before you write

4 Likes

Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by Philipponzaghi: 4:33pm On Jul 29
Obidients will still find a way to complain. This is a solid move for Nigeria's economy, yet they’ll just be there wailing. Tinubu is showing real leadership and supporting our local businesses. Meanwhile, the wailers will continue to wail.

3 Likes

Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by mrvitalis(m): 5:03pm On Jul 29
blamingthedevil:



"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"


Read before you write
What has that have to the with the issue with dangote

Supply has never been the issue cant u read?
Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by yarimo(m): 5:04pm On Jul 29
This is very commendable from the most loved president of Nigeria

3 Likes

Re: President Tinubu Offers Lifeline To Dangote Refinery,Sell Crude To It in Naira by Mynd44: 6:05pm On Jul 29

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