Federal Executive Council (FEC) has approved the sale of Crude oil to Dangote Refinery and other local Refineries in naira instead of dollars.
The decision was made by the Federal government after the Federal Executive Council (FEC) meeting on Monday, July 29.
The Special Adviser to the President on Information and Publicity, Bayo Onanuga, made this known in a post via his official X handle on Monday.
Onanuga stated that the move, which is to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council today.
The FEC approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as a pilot.
