JUST IN: President Tinubu Orders NNPC To Sell Crude To Dangote Refinery, Others In Naira 

Posted on July 29, 2024

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 Bola 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.

But 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 pilot.

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.

It will also save the country of billions of dollars used in importing refined fuel.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

The Nigerian Education Loan Fund (NELFUND) hereby calls on all accredited tertiary institutions across... Continue
The Arole Oduduwa, Olofin Adimula, His Imperial Majesty, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja... Continue
When the European came to Africa, he did not come with gold, silver or... Continue
MICHAEL AKINOLA    The Managing Director, Clean Mining Industries Limited, Prince Olusegun Timothy Okedele,... Continue
The Orashi National Congress (ONC) has constituted a special committee to oversee activities marking... Continue
CHUKA UBAH  The Rivers State Police Command has arrested a 46-year old suspect, Abi... Continue
IVAN CHIAGOZIEM  ‎ ‎Professor Charles Chukwuma Soludo’s agelong avowal to make Dubai-Taiwan of Anambra... Continue
MICHAEL AKINOLA  A 24-year old man, Gabriel Oghenekewe, has been arrested and charged in... Continue
Sanlam Investments has confirmed its third sponsorship of Africa’s Green Economy Summit (AGES), taking... Continue
The Arole Oduduwa Olofin Adimula, His Imperial Majesty Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja... Continue

UBA


Access Bank

Twitter

Sponsored