President Bola Tinubu has instructed the Nigerian National Petroleum Company Limited to sell crude oil to Dangote Refinery and other upcoming refineries in Naira.
This announcement was made by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, through his official X account on Monday.
Onanuga explained that this decision, aimed at stabilizing the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council today.
According to PUNCH Online, the Dangote Refinery currently requires 15 cargoes of crude oil annually, costing $13.5 billion. The NNPC has committed to supplying four of these cargoes.
Additionally, the FEC has approved that the 450,000 barrels designated for domestic consumption be offered in Naira to Nigerian refineries, with the Dangote refinery serving as a pilot project.
