President Bola Ahmed Tinubu has directed the Nigerian Nationwide Petroleum Firm Restricted (NNPC) to promote crude oil in Naira to the Dangote Refinery and different upcoming refineries.
The transfer is designed to assist stabilize the pump worth of refined gasoline and the dollar-Naira alternate price.
The Federal Govt Council (FEC) adopted this resolution, with the Dangote Refinery serving as a pilot venture.
The refinery requires 15 cargoes of crude oil yearly, costing $13.5 billion, and NNPC has dedicated to supplying 4 of those cargoes.
In keeping with Bayo Onanuga, President Tinubu’s particular adviser on info and technique, the FEC has authorized that 450,000 barrels meant for home consumption be provided in Naira to Nigerian refineries.
Bayo Onanuga, President Tinubu’s particular adviser on info and technique, introduced this growth in a tweet on Monday, July 29.
The submit reads partially:
“The FEC has authorized that the 450,000 barrels meant for home consumption be provided in Naira to Nigerian refineries, utilizing the Dangote refinery because the pilot. The alternate price will likely be mounted throughout this transaction.”
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