As part of measures end fuel scarcity and boost the economy, the Federal Government has directed the Nigerian National Petroleum Company (NNPC) to sell crude oil to Dangote Refinery and other local refineries across the country.
Aside from that, the apex government mandated the oil firm to sell the products to local refinery owners in Naira and not in United States greenback.
The chairman, Federal Inland Revenue Service (FIRS), Zack Adedeji, disclosed after a FEC meeting chaired by President Bola Tinubu in Abuja on Monday.
He said the measure would reduce the strain on the country’s foreign spendings and stabilise the pump price of petrol, diesel and other products in Nigeria.
Adedeji said FEC ordered that the state-owned NNPCL immediately begin the full implementation of the directive to boost local production of refined petroleum products in Nigeria.
The revenue boss also said the Tinubu administration ordered that the sale of refined products from Dangote Refinery to oil marketers and distributors be denominated in naira and not in US dollars.
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