Oil & Gas

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.

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.

 

0 0 votes
Article Rating
towncrierng

Recent Posts

Activist slams Obasa: Warns against provoking Lagos unrest

    Dr. Wale Ajewunmi, a prominent civil and political rights activist, has urged former…

2 days ago

Lagos Assembly fires back: Obasa’s impeachment stands

  The Lagos State House of Assembly has firmly responded to former Speaker Mudashiru Obasa’s…

2 days ago

Rivers: Supreme Court Fixes February 10 To Hear Five Cases

  The Supreme Court, today, fixed February 10, 2025, for the hearing of five separate…

6 days ago

Wike, God’s sent to FCT – Etsu Kwali

By Philip Yatai Mr Luka Nizassan, Etsu Kwali, Kwali Area Council of the Federal Capital…

6 days ago

Impeached Lagos Speaker Obasa arrives in Abuja

  Former Speaker of the Lagos State House of Assembly, Hon. Mudashiru Ajayi Obasa, reportedly…

6 days ago

Rivers Governor To New CP: Don’t Attend Nocturnal Meetings To Declare War On Rivers

  ...Urges CP to tackle kidnapping, cultism Rivers State Governor, Sir Siminalayi Fubara has advised…

1 week ago

Fatal error: Uncaught wfWAFStorageFileException: Unable to save temporary file for atomic writing. in /home/ndxajrbn/public_html/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php:34 Stack trace: #0 /home/ndxajrbn/public_html/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php(658): wfWAFStorageFile::atomicFilePutContents('/home/ndxajrbn/...', '<?php exit('Acc...') #1 [internal function]: wfWAFStorageFile->saveConfig('livewaf') #2 {main} thrown in /home/ndxajrbn/public_html/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php on line 34