In a significant policy shift, the Federal Executive Council (FEC), chaired by President Bola Tinubu, has approved the sale of crude oil to indigenous refineries, including the Dangote Refinery, in naira.
The decision aims to reduce Nigeria’s dependency on the U.S. dollar and ultimately bolster the local currency.
The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, announced the decision at the conclusion of the FEC meeting on Monday.
He highlighted that President Tinubu has instructed the Nigerian National Petroleum Corporation (NNPC) Limited to implement this directive immediately.
Adedeji said: “The attitude of Mr President is thinking outside the box to solve Nigeria’s problem and actually to localised the solutions to Nigeria’s problem. He has approved through the Council that, effective immediately, NNPC get engaged with local refineries, and we are starting that with Dangote Refinery.
That the sales of crude oil to Dangote Refinery be denominated in naira and also the sales of byproducts from Dangote Refinery to distributors also be conducted in naira.
