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.
CYRIACUS IZUEKWE A 46-year-old man, Abraham Dominic, has been arrested and charged before the Ejigbo…
DR. IJEOMAH ARODIOGBU Peter Obi stands today as the quintessential rolling stone in Nigerian politics.…
The Executive Governor of Rivers State, His Excellency, Sir Siminalayi Fubara, on Thursday said that…
Solicitors acting on behalf of the Ikegwuonu Family of Achalla/Umuchu, Aguata Local Government Area, Anambra…
CYRIACUS IZUEKWE The Lagos State Police Command has arraigned a 33-year-old woman, Chidera Omimi, before…
The Federal Government of Nigeria has taken a historic step in its commitment to the…