Crude oil barrels
The Federal Executive Council, FEC, on Monday directed the Nigeria National Petroleum Company Limited, NNPCL, to sell crude oil to Dangote Refinery and other indigenous refineries in naira to boost local production.
The implication will be a reduction of pressure on the nation’s forex reserves and a reduction in the pump price and availability of petroleum products in the long run.
Mr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) who disclosed this to newsmen after the FEC meeting said the directive is with immediate effect.
In recent months, Dangote Refinery had been forced to import crude from United States and other sources due to inability to source crude oil at home.
This has triggered criticisms from some Nigerians who berated both the NNPCL and oil majors for being insensitive to the plight of Nigerians.
Senator Adams Oshiomhole had on the floor of the Senate lampooned the oil majors for refusal to sell to Dangote and other local refineries, saying you cannot claim to be sovereign within a sovereign nation.
Oshiomhole said it will take a President with courage and will to stop the economic sabotage which he said will take down the nation if not stopped.
