The Federal Executive Council (FEC), led by President Bola Ahmed Tinubu, approved on Monday the sale of crude oil to Dangote Refinery and other local refineries in the country’s currency, the Naira, instead of the Dollar.
This announcement was made to State House reporters by the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.
Reports indicate that Dangote Refinery, represented by the Group Chief Commercial Officer of Dangote Industries Limited, Rabiu A. Umar, claimed that the nation’s oil company supplied insufficient crude to their 650,000-barrel-per-day refinery in Ibeju Lekki, Lagos State.
Umar stated that the NNPCL supplied only 33 percent of the refinery’s crude needs, which he deemed inadequate.
Recently, a dispute arose between the President of Dangote Group, Aliko Dangote, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the NNPCL.
The issues in contention included allegations of monopoly, crude supply to the refinery, substandard fuel imports, and the ownership of blending plants in Malta.
, led by President Bola Ahmed Tinubu, approved on Monday the sale of crude oil to Dangote Refinery and){kind=link}