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BUSINESS

Tinubu Orders NNPC to Sell Crude to Dangote Refinery in Naira

July 29, 2024 • 1 min read

July 29, 2024

President Bola Tinubu has directed the Nigerian National Petroleum Company Limited (NNPCL) 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.

PUNCH Online reports that Dangote Refinery, at the moment, requires 15 cargoes of crude, at a cost of $13.5 billion yearly.

NNPC has committed to supplying four.

However, the FEC has approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using 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.”