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.
There’s a reason you — yes, you reading this — would jump higher than your…
In a significant demonstration of its commitment to alleviating hunger and supporting vulnerable communities, leading…
CYRIACUS IZUEKWE The Afenifere Lagos and the Ndigbo Unity Forum held a joint meeting on…
MICHAEL AKINOLA The Nigeria Police Force has recommended the prosecution of the Osobia of Ijebu…
Nollywood actress Adebimpe Oyebade, popularly known as Mo Bimpe, has denied allegations circulating on social…
The All Progressives Congress, APC, has said that Former Vice President and Presidential candidate of…