By Deborah Hassan
365Daily – President Bola Tinubu has ordered the Nigerian National Petroleum Company Limited (NNPCL) to supply crude to Dangote Refinery and other upcoming refineries in Naira.
This was disclosed by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, on Monday, July 29, 2024, via his X account.
According to Onanuga, the directive is aimed at stabilising the pump price of refined fuel and the dollar-Naira exchange rate.
It was adopted by the Federal Executive Council (FEC) today.
Dangote Refinery requires 15 cargoes of crude, at a cost of $13.5 billion yearly, out of which the NNPC will supply four.
Onanuga explained further that “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.”