BREAKING: Tinubu orders NNPC to sell crude to Dangote Refinery 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.

The 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.”

Great. I hope Dangote will inturn be reasonable with prices per litre when the products is finally ready for the market

Interesting

Finally, a move that makes sense! Tinubu is showing real leadership by supporting local industries. This is the kind of decision that strengthens our economy and empowers our businesses. Watch how Dangote will take it to the next level!

Nigeria shall be great under president TINUBU