Following tweets from Labour Party Presidential Candidate Peter Obi praising Aliko Dangote’s steadfast dedication to Nigeria’s economic development despite challenges, Bola Tinubu has issued an executive order instructing the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to Dangote Refinery and other new local refineries using the country’s currency, the Naira.
This was disclosed by Bayo Onanuga, the Special Adviser to the President on Information and Publicity, via X.
The order aims to stabilize the pump price of refined fuel and the exchange rate between the dollar and the Naira.
Onanuga added that the directive was discussed and approved by the Federal Executive Council on Monday.
He said, “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.
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“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 letters of credit. It will also save the country of billions of dollars used in importing refined fuel.”
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