Bayo Onanuga, a presidential media aide, disclosed this in a statement on his official X account on Monday.
“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 Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.
“Dangote Refinery at the moment requires 15 cargoes of crude, for $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 a 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 billions of dollars used in importing refined fuel,” he said.
The development is coming amid the dispute between the 650,000 barrel-per-day Dangote Refinery and NNPCL, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and other regulators in Nigeria’s oil and gas sector.
“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 Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.
“Dangote Refinery at the moment requires 15 cargoes of crude, for $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 a 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 billions of dollars used in importing refined fuel,” he said.
The development is coming amid the dispute between the 650,000 barrel-per-day Dangote Refinery and NNPCL, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and other regulators in Nigeria’s oil and gas sector.
From dailypost
Great move. Just like Oliver Twist we want more. Open borders to curb high cost of items that directly affect the citizens. let's education be free, industries should have tax holiday. To please us nur hard. Gather Wisdom
ReplyDeleteGood move but should have come earlier than now amidst crisis
ReplyDeleteProtest never start oh! It just goes to show that these people know the right thing to do. But we have been so docile that they have kept taking and taking and taking! I just wish we can shun religion, tribe and ethnicity; focus on the most important thing- our common wealth! Our country!
ReplyDeleteNNPCL to sell crude oil in naira to Dangote refinery, have they been selling in $ before? Within Nigeria oh, I'm confused.
ReplyDeleteAnne K
Yeah. Crude oil is exported outside Nigeria and is sold in Dollars.
DeleteNow, Dangote requested for crude which will be processed in his Refinery, but he was told he would have to buy them in dollars. This was one of the things that made him angry.
The rate that they even wanted to sell to him was higher than the cost of him importing it from another country.
Read about petrodollars to know more
DeleteGod bless Asiwaju
ReplyDeleteGod bless Asiwaju
ReplyDeleteWeellll......
ReplyDeleteIs alright
ReplyDeleteOk ooo
Hello iya boys
This is what they ought to have done all this while.
ReplyDeleteMost of the owner of the filling station in Ogun State and Lagos boarders are very wicked. They have fuel but they won't sell to transporters but sell to black marketers who sell it to Benin republic.
ReplyDeleteShebi you said you wont be involved in the protest, so why are you complaining. Enjoy thyself.
DeleteThe creature that said that they should sell the Dangote in Naira, How much percentage is his share of the crude oil exported and imported from Malta.
ReplyDeleteWhy not sell it the same price whether in Naira or Dollar.
Stop spreading fake news.
DeleteRat wey dey chop dangote na im still dey blow am. The anonymous saying stop spreading rumours, I don understand some of you Nigerians, do you think these excessively greedy lot operate in space or what?
DeleteNo be humans be their mercenaries, don't the mercenaries have relatives? Their deeds aren't hidden, just that some of una too dull to believe and they know so.
God bless our president.
ReplyDeleteIs this really a great move? The little source of foreign exchange from oil is now shut. The suffering has only just begun!!!🤷🏻♂️
ReplyDelete