The Nigerian Government has on Monday instructed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira.
This directive replaces the existing arrangement of transactions in US dollars.
Zack Adedeji, the Federal Inland Revenue Service (FIRS) boss, disclosed this directive following a Federal Executive Council (FEC) meeting chaired by President Bola Tinubu in Abuja.
Adedeji stated that this measure aims to reduce Nigeria’s foreign spending burden and stabilize the pump prices of petrol, diesel, and other petroleum products within the country.
He emphasized that FEC has ordered the state-owned NNPC to immediately commence the full implementation of this directive to boost local production of refined petroleum products.
According to Adedeji, the Tinubu administration has mandated that the sale of refined products from Dangote Refinery to oil marketers and distributors be conducted in naira, thereby eliminating transactions in US dollars.
