BREAKING: FEC Mandates NNPC To Sell Crude In Naira To Dangote, Other Local Refineries

Abuja, Nigeria – The Federal Executive Council (FEC) has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira, rather than U.S. dollars.

This decision, aimed at reducing foreign expenditure and stabilizing the prices of petroleum products, was announced by Federal Inland Revenue Service (FIRS) Chairman Zack Adedeji following a FEC meeting chaired by President Bola Tinubu on Monday.

Adedeji stated that the new directive would alleviate the pressure on Nigeria’s foreign reserves and help maintain consistent pump prices for petrol, diesel, and other refined products.

The FEC has ordered the NNPCL to commence the full implementation of this policy immediately to enhance the local production capacity of refined petroleum products.

Meanwhile, FEac also mandated that the sale of refined products from Dangote Refinery to oil marketers and distributors should also be conducted in naira, further supporting the move to strengthen the local currency and reduce reliance on the dollar for domestic transactions.