Tinubu wades into Dangote Refinery saga, gives new order

President Bola Tinubu has directed the Nigerian National Petroleum Company Limited (NNPC) to conduct crude oil sales to Dangote Refinery and other new refineries in Naira.

This decision, made by the Federal Executive Council (FEC), aims to control the domestic fuel prices and stabilize the exchange rate between the Naira and the dollar.

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The announcement was made by Bayo Onanuga, the Special Adviser to the President on Information and Publicity, through his official X account on Monday.

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Onanuga detailed that the Dangote Refinery requires 15 cargoes of crude oil annually, costing around $13.5 billion, with the NNPC committing to supply four of these cargoes.

The FEC has sanctioned that the 450,000 barrels of crude allocated for domestic use be sold in Naira to local refineries, starting with Dangote as the initial trial.

Additionally, it has been specified that the exchange rate will be fixed for the transaction period.

Afreximbank and other Nigerian settlement banks will oversee the transaction between Dangote and NNPC Limited, marking a major shift in the country’s oil trade policy.