The Federal Executive Council, FEC has mandated the Nigerian National Petroleum Corporation, NNPC to immediately begin the sale of crude oil to local refineries, including the Dangote Refinery in local currency.
Federal Inland Revenue Service (FIRS) boss Zack Adedeji disclosed after a FEC meeting chaired by President Bola Tinubu in Abuja on Monday.
He said the measure would reduce the strain on the country’s foreign spendings and stabilise the pump price of petrol, diesel and other products in Nigeria.
Adedeji 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.
