The Federal Government directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira as against the existing arrangements in the US dollar.
Federal Inland Revenue Service (FIRS) boss Zack Adedeji disclosed this after a FEC meeting chaired by President Bola Tinubu in Abuja on Monday.
Adedeji said the measure would lessen the burden on Nigeria’s foreign spending and stabilise the pump price of petrol, diesel and other products in Nigeria.
He said FEC ordered that the state-owned NNPCL immediately begin the full implementation of the directive to boost local production of refined petroleum products in Nigeria.
He added that the Tinubu administration ordered that the sale of refined products from Dangote Refinery to oil marketers and distributors be denominated in naira as well to stop transacting in the US dollars.