President Bola Ahmed Tinubu has instructed the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to Dangote Refinery in Naira.
The President’s Special Adviser on Information and Publicity, Bayo Onanuga, shared this information via his official X handle on Monday.
Key points from the announcement:
- To maintain stable fuel prices and the Dollar-Naira exchange rate, the Federal Executive Council approved President Tinubu’s proposal.
- Dangote Refinery currently needs 15 crude oil cargoes annually, costing $13.5 billion. NNPC agreed to supply four cargoes.
- The FEC agreed to offer the 450,000 barrels designated for domestic use to Nigerian refineries in Naira, starting with Dangote Refinery.
- The exchange rate will be fixed for this transaction.
- Afreximbank and local banks will facilitate transactions between Dangote and NNPC, eliminating the need for international letters of credit and saving the country billions in imported fuel costs.
