News
Breaking: FG Finally Agrees Selling Crude to Dangote in Naira
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.
Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly. NNPC has committed to supply four cargoes.
The FEC has approved that the 450,000 barrels per day slated for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as pilot. The exchange rate will be prevailing rate on day of transaction.
Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited. This intervention will eliminate the need for international letter of credit, further saving the country of dollar payments.
Now I believe FG and @nnpclimited is serious about supplying the Refinery.
