Dangote Refinery Will Sell Fuel To Marketers In Naira – FG

The Federal Government has said Dangote Refinery would sell its refined products, including petrol, diesel and other products in naira, to Nigerian oil marketers and distributors.

The Special Adviser to President Bola Tinubu on Revenue Generation, Zacch Adedeji, disclosed this while speaking with State House Correspondents, after the Federal Executive Council (FEC) meeting, on Monday.

Adedeji said Nigeria spends 30 percent to 40 percent of her monthly foreign exchange on importing premium motor spirit (PMS), locally known as fuel. He added that $660 million – about One trillion, Sixty-one billion, Nine hundred and eighty-four million Two hundred and twenty thousand naira (₦1,061,984,220,000) – using the Central Bank of Nigeria (CBN) buying rate of  ₦1609.067 to $1.

Adedeji explained that the new policy of the federal government would save Nigeria’s foreign exchange and help in addressing issues in the oil sector.

“It’s starting immediately, that NNPC gets engaged with local refineries and we are starting that with Dangote refinery. The sales of crude oil to Dangote Refinery be denominated in naira and also the sales of refined products from Dangote Refinery to marketers and other distributors also should be conducted in naira.

“The pressure on foreign exchange will be reduced. We spend roughly 30 to 40 percent of our foreign exchange on PMS that we consume. In monetary term, monthly, we spend $660 million on this exercise,” he said.

Meanwhile, the Minister of Labour and Employment, Nkeiruka Onyejiocha, said the ₦70,000 minimum wage signed by President Bola Tinubu has become a law that must be implemented by all.

Onyejiocha described the Minimum Wage Act as one of the fastest bills passed by the National Assembly.

“All the processes have been completed and it has become a law. It is law and it is law. This is the national minimum wage that the president signed. We are happy that the National Assembly fast-tracked it. This is one of the fastest bills that has been worked on,” Onyejiocha told State House Correspondents.