In breaking news, the Federal Government of Nigeria (FGN) has introduced a groundbreaking initiative to sell crude oil to local refineries and purchase petroleum products in Naira. This move aims to ease the pressure on the Naira, eliminate unnecessary transaction costs, and ensure the availability of petroleum products for Nigerians. Ogasabi reports for 9am news Nigeria that this development is expected to foster a sense of optimism and hope across the nation.
The announcement was made by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a Technical Sub-Committee meeting in Abuja. He revealed that the Federal Executive Council, under President Bola Tinubu, had approved the sale of crude in Naira, and the first batch of PMS from the Dangote Refinery will commence loading on 15th September.
From 1st October, NNPC will begin supplying 385kbpd of crude oil to the Dangote Refinery, with payments made in Naira. In return, PMS and diesel will be sold to the domestic market, ensuring easier access to petroleum products. As Ogasabi explains on 9am news, all regulatory costs will also be paid in Naira, further streamlining the process.
This strategic initiative demonstrates the government’s commitment to addressing economic challenges and improving energy availability, a significant step toward national development.
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