FEC orders NNPC to sell crude to Dangote, other refineries in naira

The Federal Executive Council (FEC) has ordered the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira.

The Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji, disclosed this to State House correspondents after the FEC meeting chaired by President Bola Tinubu on Monday in Abuja.

He said the measure would reduce the strain on the country’s foreign spendings and stabilise the pump price of petrol, diesel and other products in Nigeria.

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Adedeji said FEC ordered the NNPC to immediately begin the full implementation of the directive to boost local production of refined petroleum products in Nigeria.

The FIRS boss added that Tinubu administration ordered that the sale of refined products from Dangote Refinery to oil marketers and distributors be denominated in naira and not in the United States dollars.

By: Babajide Okeowo

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