FEC orders NNPC to sell crude oil to Dangote and other refineries in naira

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

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 move would ease pressure on the country’s foreign expenditure and stabilize prices of petrol, diesel and other products in Nigeria.

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

The FIRS chief added that the Tinubu administration had ordered that the sale of refined products from the Dangote Refinery to oil marketers and distributors must be in naira and not in US dollars.

By: Babajide Okeowo

FEC orders NNPC to sell crude to Dangote, other refineries in naira first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.