The Federal Executive Council (FEC) has instructed the Nigerian National Petroleum Company Limited (NNPCL) to begin selling crude oil to local refineries, including the Dangote Refinery.
This directive, announced by Federal Inland Revenue Service (FIRS) chairman Zack Adedeji after today’s FEC meeting led by President Bola Tinubu, aims to ease Nigeria’s foreign spending and stabilize the prices of petrol, diesel, and other petroleum products in the country.
Adedeji highlighted that the FEC has mandated the NNPCL to immediately start implementing this directive to enhance local production of refined petroleum products. Additionally, the sale of refined products from the Dangote Refinery to oil marketers and distributors will be conducted in naira instead of US dollars.
This policy marks a significant change in the government’s strategy toward domestic refining, intending to increase the efficiency and output of Nigerian refineries. It is expected to reduce the nation’s dependency on imported refined products and potentially lower fuel costs for consumers.
