The Naira-for-crude deal was approved by the Federal Executive Council under the leadership of President Tinubu
By Kehinde Okeowo
The Nigerian government has reiterated that the Nigerian National Petroleum Company Limited (NNPCL) will start the supply of crude in Naira to Dangote Refinery on Tuesday, October 1.
Dare Adekanmbi, the spokesperson to the Chairman of the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, Zacch Adedeji confirmed the kick off of the Naira-for-crude deal via a statement on Sunday.
According to him, his boss who doubles as the Chairman of the Federal Inland Revenue Service is doing everything possible to ensure the price of Premium Motor Spirit otherwise known as Petrol becomes affordable.
Adekanmbi said, “I can confirm to you that the Chairman, Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans.
“He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians.”
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This development follows the committee’s announcement on September 13, that the Federal Executive Council under the leadership of President Bola Tinubu approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira to begin from October 1.
The Committee said, “From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid in naira.”
This means that NNPCL is set to supply about 11.5 million barrels of crude oil to the Dangote refinery monthly and based on the Naira-for-crude deal, the plant will release equivalent volumes of refined diesel and petrol to the domestic market also in naira.
Meanwhile, the Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, on Sunday stated that the deal should be extended to other modular refineries in the country and not only Dangote Refinery.
He added, “The committee is only discussing with Dangote at the moment.”
