Senate backs Tinubu on NNPC selling crude to Dangote refinery in naira

Senate backs Tinubu on NNPC selling crude to Dangote refinery in naira

..says it’s a lifeline to Dangote 

The Senate has said the lifeline given to the Dangote Refinery for the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the 650,000 barrels per day Dangote refinery in local cwill strengthen the naira.

It said this through its Committee on Finance in a statement by the Chairman, Senator Sani Musa.

The Federal Executive Council (FEC) on Monday at its meeting presided over by President Bola Tinubu approved the sale of crude oil to indigenous refineries including the Dangote Refinery in naira.

The Senate committee commended Tinubu for his forward-thinking and impactful decision to approve the sale of crude oil to local refineries in Nigeria using naira.

“This strategic move is a significant milestone in our nation’s journey towards economic self-sufficiency and stability.

“By allowing transactions in our local currency, this policy not only strengthens the naira but also reduces our dependency on foreign exchange.

“This will likely lead to increased efficiency within our local refineries, boosting domestic production and ensuring a more consistent and affordable supply of refined petroleum products for all Nigerians,” the committee said.

The Finance panel stressed that the gesture would enable the NNPC, Dangote Refinery and all domestic producers to take advantage of the opportunity to make their business decisions towards making production more affordable, sustainable and qualitative for the good of the country.

The committee said, “This decision reflects a deep commitment to fostering national growth, supporting local industries, and ensuring that the wealth generated from our natural resources benefits our economy directly.

“It is a testament to Mr. President’s visionary leadership and dedication to the prosperity of our country.”