BREAKING: TINUBU ORDERS SALE OF CRUDE OIL TO DANGOTE REFINERY
President Bola Tinubu has directed the Nigerian National Petroleum Company Limited 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.
According to reports, Dangote Refinery, at the moment, requires 15 cargoes of crude, at a cost of $13.5 billion a year. 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.”
More Stories
NAFDAC SHUTS GOMBORU DRUG MARKET MAIDUGURI WHERE TAINTED PHARMACEUTICALS ARE SUN-DRIED FOR RESALE AFTER DEVASTATING FLOOD
The National Agency for Food and Drug Administration and Control (NAFDAC) has closed the Gomboru drug market in Maiduguri, Borno...
UPDATE: MORE NIGERIANS EMBRACE RAIL TRANSPORT AS REVENUE JUMPS BY 53% TO N1.69 BILLION Q2 – NBS
Revenue from rail transport in Nigeria increased by 53.14 percent to 1.69 billion in the second quarter of 2024, compared...
FUEL PRICE HAS RENDERED N70,000 MINIMUM WAGE USELESS — NLC
The Nigeria Labour Congress, NLC, said Thursday it would meet with the federal government on how workers could survive the...
UCL: NIGERIA’S ILENIKHENA SINKS BARCELONA IN 2-1 MONACO VICTORY
Nigerian forward George Ilenikhena came off the bench to score the winner as Monaco defeated Barcelona 2-1 in the UEFA...
PRIVATE EMPLOYERS PAYING BELOW N70,000 RISK JAIL – FG
The Federal Government has called on agencies recruiting for the private sector to adhere to the N70,000 minimum wage, warning...
BURNA BOY, ODUMODUBLVCK AMONG NOMINEES FOR 2024 BET HIP HOP AWARDS
Nigerian music superstar, Damini Ogulu, popularly known as Burna Boy, and rapper Odumodublvck have been nominated for the 2024 BET...