BREAKING: Tinubu Orders NNPC to Sell Crude to Dangote Refinery in Naira

President Bola Tinubu has instructed the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil in Naira to the Dangote Refinery and other emerging refineries.

This directive was announced by Bayo Onanuga, the Special Adviser to the President on Information and Publicity, through a post on his official X account on Monday.

Onanuga explained that the decision, endorsed by the Federal Executive Council (FEC) today, aims to stabilize fuel pump prices and the exchange rate between the dollar and the Naira.

According to NIGERIA NEWS 247, the Dangote Refinery currently needs 15 cargoes of crude annually, costing $13.5 billion. The NNPC has pledged to supply four cargoes.

The FEC has also approved offering 450,000 barrels, designated for domestic consumption, in Naira to Nigerian refineries, with the Dangote Refinery as a pilot project.

The statement added that the exchange rate would be fixed for the duration of the transaction. Afreximbank and other Nigerian settlement banks will facilitate the trade between Dangote and NNPC Limited, eliminating the need for international letters of credit and saving the country from dollar payments.