The Federal Executive Council (FEC) has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira instead of US dollars. This announcement was made by the Federal Inland Revenue Service (FIRS) boss, Zack Adedeji, following FEC meeting chaired by President Bola Tinubu in Abuja on Monday.

Adedeji explained that this measure aims to reduce the strain on the country’s foreign reserves and help stabilize the pump prices of petrol, diesel, and other petroleum products in Nigeria. The FEC has ordered the state-owned NNPCL to begin implementation of this directive immediately to enhance local production of refined petroleum products.

Additionally, Adedeji stated that the Tinubu administration has mandated that the sale of refined products from Dangote Refinery to oil marketers and distributors be transacted in naira rather than US dollars.