President Bola Ahmed Tinubu (file photo)
Nigeria’s President Bola Ahmed Tinubu, has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira and not in United States Dollars.
It was part of the Federal Executive Council (FEC) meeting decision on Monday.
Federal Inland Revenue Service (FIRS) boss Zack Adedeji disclosed this after the meeting chaired by the President in Abuja on Monday.
Adedeji said the measure would reduce the strain on the country’s foreign spending 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.
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