FEC approves sale of crude oil to Dangote Refineries in Naira

Kunle Sanni

The Federal Executive Council (FEC) has approved the sale of crude oil to Dangote Refinery and other local refineries in naira instead of dollars.

This decision was disclosed by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) and Special Adviser to the President on Revenue, after the FEC meeting on Monday.

Adedeji stated that the approval ensures refined products from these refineries will be sold to marketers for local consumption, aiming to stabilize the pump price of refined fuel and the dollar-naira exchange rate.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, issued a statement confirming the development.

He noted that the FEC adopted President Tinubu’s proposal to facilitate this change, supporting economic stability and growth within the country.