To ensure the stability of the pump price of petroleum products and reduce the strain on the country’s foreign spendings the Federal Executive Council (FEC) on Monday adopted a proposal by President Bola Tinubu to sell crude oil to Dangote Refinery and other local refineries in Naira.
Chairman, Federal Inland Revenue Service (FIRS), Zack Adedeji disclosed this after the weekly FEC meeting chaired by President Tinubu.
The FIRS boss said, already the FEC has ordered that the state-owned Nigeria National Petroleum Company Limited NNPCL to immediately begin the full implementation of the directive to boost local production of refined petroleum products in the country.
Adedeji also stated that President Tinubu administration has also ordered that the sale of refined products from Dangote Refinery to oil marketers and distributors be denominated in naira and not in US dollars.m
Details shortly…