By Obaike Ode-Ihue
The Federal Executive Council (FEC) presided over by President Bola Tinubu has directed the NNPC Ltd to begin sale of crude oil to Dangote and other local refineries in the local currency.
Chairman of the Federal Inland Revenue Service (FIRS), Zach Adedeji, who disclosed this to newsmen after the FEC meeting on Monday, said that the new arrangement will save the country’s foreign exchange pressure by at least 90 percent.
He said the deal will also reduce finance cost.
To that extent, he said, a settlement bank, Afrexim, has been appointed to fine tune the arrangement with Dangote and other local refineries.
Recall that a controversy has been raging across the country over the refusal of the NNPC to supply the needed crude to Dangote which is reputed as one of the biggest across the globe.
Details will come later…
