The Federal Executive Council (FEC) has given its approval for Dangote Refinery and other nearby refineries to purchase crude oil in naira rather than dollars.
Following Monday, July 29’s Federal Executive Council (FEC) meeting, the federal government made the decision.
This was announced in a post on Monday on his official X handle by Bayo Onanuga, the Special Advisor to the President on Information and Publicity.
Onanuga said that the Federal Executive Council took the action today in order to guarantee the stability of the refined gasoline pump price and the dollar-to-Naira exchange rate.
The FEC gave its approval for Nigerian refineries to be provided with the 450,000 barrels intended for domestic use in Naira, with the Dangote refinery serving as a test project.
