BREAKING: Sell crude oil shipment comparable to local consumption to Dangote and other declares FEC to NNPC.

On Monday, the Federal Executive Council approved the sale of crude oil to Dangote Refinery and other local refineries in naira rather than dollars. 

President Bola Tinubu presided the meeting at which the approval was granted. During the meeting, President Tinubu offered to support the Dangote Refinery by recommending that NNPC Ltd sell crude to the refinery in Naira, giving a vital lifeline. 

THE WHISTLER learns that the Federal Executive Council adopted Tinubu's request during the meeting to keep fuel prices and the dollar-Naira exchange rate stable.

The concept calls for selling crude oil to the Dangote Refinery and other new Naira refineries. The Dangote Refinery currently requires 15 shipments of crude oil per year, costing a total of $13.5 billion. 

It was learned that NNPC Ltd has agreed to furnish four of these cargoes. The FEC also agreed to make available 450,000 barrels for domestic consumption, which will be distributed to Nigerian refineries in Naira, with the Dangote Refinery serving as the first test. 

The exchange rate will be unchanged during the transaction. Based on the approval, THE WHISTLER can confirm that only the amount appropriate to domestic use will be billed in Naira. 

This means that only the Nigerian National Petroleum Company would sell crude oil to