BREAKING: Tinubu orders NNPC to sell crude to Dangote Refinery in Naira

The Special Adviser to the President on Revenue Zak ADEDEJI  made the disclosure while briefing Journalists after Monday’s federal executive council meeting held at the presidential villa Abuja.

ADEDEJI said  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 president’s adviser added, that the exchange rate will be fixed for the duration of the transaction.

He said Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited adding that the game-changing intervention will eliminate the need for international letters of credit, further saving the country of dollar payments.