The Federal Executive Council has approved the sale of crude oil to the soon to be completed Dangote Refinery in Naira.
The sale will be at a fixed exchange rate, for a minimum period of six months.
Announcing this after the FEC meeting on Monday, the Special Adviser on Revenue to the President, Zack Adedeji explained that the strategic intervention is necessary to leverage the refinery to maintain exchange rate and price stability.
He added that the Nigerian National Petroleum Company Limited, NNPCL has already committed to supplying four crude oil cargoes monthly.
The remaining will be procured from international traders, with the Afrexim bank as facilitator.
Dangote Refinery, at the moment, requires 15 cargoes of crude, at a cost of $13.5 billion yearly.
The Special Adviser to the President on Information and Publicity, Bayo Onanuga, also announced this in a post via his official X handle on Monday.
Onanuga stated that the move, which is to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council on Monday.