In a significant stride towards achieving energy self-sufficiency, the Federal Executive Council (FEC) under the leadership of President Bola Tinubu has approved the supply of Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL) from the Dangote Refinery. This move signals a major shift in Nigeria’s energy landscape, with payments for crude oil now set to be made in Naira.…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
The Minister of Finance and the Coordinating Minister for the Economy, HM Wale Edun, made this announcement during his visit to the Dangote Refinery on September 15, 2024. He praised President Tinubu’s vision for transforming Nigeria’s energy sector, emphasizing that the government’s decision aligns with the President’s mandate of ensuring that no raw materials leave Nigeria without value addition. He further lauded Alhaji Aliko Dangote and his group for their role in transforming the nation’s oil sector through the establishment of the refinery.
Thank you for reading this post, don't forget to subscribe!As part of this new directive, starting from October 1, 2024, NNPCL will commence the supply of approximately 385,000 barrels of crude oil per day to the Dangote Refinery. This initiative is designed to reduce Nigeria’s reliance on imported refined petroleum products, boosting local refining capacity and ensuring the availability of petroleum products within the country.
HM Edun also urged other domestic refineries to join this endeavor, highlighting the economic benefits of meeting the country’s needs while facilitating legal exports to neighboring nations. This development is expected to enhance Nigeria’s foreign exchange earnings and contribute to overall economic well-being.
During his tour of the refinery, HM Edun acknowledged the efforts of the technical sub-committee, chaired by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service, for their role in implementing the crude sales to local refineries. He commended the refinery’s state-of-the-art technology and its potential to meet domestic fuel demands efficiently.
This marks a critical milestone in the country’s journey toward energy sustainability, reducing pressure on the Naira while advancing the nation’s economic goals.…..For More READ THE FULL ARTICLE HERE ▶▶
