The Federal Government has instructed the Nigerian National Petroleum Company (NNPC) to sell crude oil to the Dangote Refinery and other indigenous refineries exclusively in naira and not in USD, in a bid to boost the local currency and promote domestic economic activities.
Federal Inland Revenue Service (FIRS) boss Zack Adedeji disclosed after a FEC meeting chaired by President Bola Tinubu in Abuja on Monday.
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.
Adedeji said FEC ordered that the state-owned NNPCL immediately begin the full implementation of the directive to boost local production of refined petroleum products in Nigeria.
The revenue boss also said the Tinubu administration ordered that the sale of refined products from Dangote Refinery to oil marketers and distributors be denominated in naira and not in US dollars.
Dangote-FG Brawl
Foremost industrialist and owner of Dangote Refinery, Aliko Dangote, had accused the authorities and International Oil Companies of frustrating crude supply to his $20bn facility sited at the Lekki Free Trade Zone near Lagos.
Regulatory authorities would later questioned the quality of petroleum products produced at the Dangote Refinery but the billionaire businessman insisted that the quality of products at his refinery surpassed the ones imported by marketers.
