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.
MICHAEL AKINOLA The Lagos State Commissioner for Environment and Water Resources, Hon. Tokunbo Wahab, has…
Nigeria's Future Eagles U-15 National Team have safely arrived in Abuja following their participation in…
BY MICHAEL AKINOLA The Economic and Financial Crimes Commission, EFCC, view with grave concern the…
Some nights are about the drinks. Others are about the people you meet, the…
BY MICHAEL AKINOLA Businessman and social media influencer, Afolabi Michael Kazeem, popularly known as KC…
The governorship candidate of the All Progressives Congress (APC) in Ogun State, Senator Solomon Olamilekan…