President Bola Tinubu’s directive to sell crude oil to the Dangote Petroleum Refinery in naira is expected to significantly reduce fuel prices and boost the economy.
The move, approved by the Federal Executive Council, aims to stabilize the pump price of refined fuel and the dollar-naira exchange rate.
Industry experts and oil marketers have commended the initiative, predicting a crash in fuel prices and a strengthening of the naira.
The sale of 450,000 barrels of crude oil in naira is expected to save the government $7.3 billion annually, reducing foreign exchange pressure and finance costs.
This development is seen as a game-changer for the economy, eliminating the need for international letters of credit and saving billions of dollars used in importing refined fuel.
With the implementation of this initiative, Nigeria is poised for economic growth and stability.
