News
BREAKING: President Tinubu Offers Lifeline To Dangote Refinery, NNPC To Sell Crude To It In Naira
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, at a cost of $13.5 billion yearly. NNPC has committed to supply four.
ALSO READ: Customers Besiege MTN Offices In Warri, Uvwie Over Barred Sim Cards
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.
-
News7 hours ago
Insecurity: Abraka Women Stage ‘DPO Must Go Protest’, Close Shops
-
News14 hours ago
Lagos Hails Supreme Court Ruling On Lottery Regulation
-
Africa News14 hours ago
Investigative Report Exposes Massive Corruption Under Niger’s Military Regime
-
News8 hours ago
Festus Keyamo Says Bishop Oyedepo’s Jet Can’t Leave Private Airstrip Without Clearance
-
News5 hours ago
Ashima Condemns Pipeline Vandalism In Warri North