On Monday, July 29, Bayo Onanuga, the president’s special assistant on information and publicity, announced this in a post on his official X Twitter.
On July 18, it was reported by Farouk Ahmed, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), that domestic refineries, such as the Dangote refinery, generate subpar goods in comparison to those that are imported into the nation.
When federal legislators visited Dangote’s refinery on July 20, he tested diesel from the facility to refute the accusation.
The millionaire demanded an investigation into the claims made by the NMDPRA and claimed that international oil firms (IOC) are not providing crude oil to his refinery.
The lawmakers started looking into Ahmed’s claim on July 22.
They stated that claims that the IOCs in Nigeria are impeding the Dangote refinery’s ability to survive will also be looked into.
The Federal Executive Council took the decision today, according to Onanuga, who made the announcement of President Tinubu’s mandate. The goal of the action is to maintain stability in both the dollar-to-Naira exchange rate and the refined petrol pump price.
“The Federal Executive Council today adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira, in order to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate,” he stated.
The Dangote Refinery currently needs 15 cargoes of petroleum, which comes with an annual cost of $13.5 billion. NNPC has promised to provide four.
However, the FEC has given its approval for the 450,000 barrels intended for domestic use to be made available in Naira to refineries in Nigeria, with the Dangote refinery serving as a test facility. For the period of this transaction, the exchange rate will remain constant.
“The trade between Dangote and NNPC Limited will be facilitated by Afreximbank and other settlement banks in Nigeria.” The revolutionary intervention will do away with the requirement for foreign letters of credit. It will also prevent the nation from having to import refined fuel for billions of dollars.
