BREAKING: Tinubu directs NNPC to supply crude to Dangote Refinery in Naira

President Bola Tinubu has instructed the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other emerging refineries in Naira.

This directive aims to stabilize the pump price of refined fuel and the exchange rate between the dollar and the Naira.

The Special Adviser to the President on Information and Publicity, Bayo Onanuga, announced this decision via his official X handle on Monday, noting that it was adopted by the Federal Executive Council.

News360 Nigeria reports that 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 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.”