Sales of Crude to Dangote Refinery: FG to Rake In $7.9bn Annually
*Makes way for predictability of economic indices
Nigeria may be on the road to raking a princely $7.92bn every yearfrom sale of crude to the Dangote and other local refineries in Naira,thus scaling down the pressure on the country’s foreign exchange.
Chairman of the Federal Inland Revenue Service, Firs, Zach Adedeji, made disclosure Monday while with newsmen shortly after the Federal Executive Council meeting in Abuja.
President Bola Ahmed Tinubu approved trade among local refineriesto be conducted in Naira, beginning with immediate effect.
According to the Firs boss, the country currently spends about $660m to import fuel every week, which stands at about $7.92bn annually, noting that the new transaction order will go a long way in stabilizing the pump price thus making it possible for the country's economic indices to be reliably predicted.
Describing the order as innovative move aimed at sort out the country's economic challenges, he disclosed that for the purpose AFRIBANK has been approved as a settlement bank between Nigeria National Petroleum Company Limited, NNPCL, and Dangote Refinery.
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