President Boal Tinubu in a bid to maintain the stability of fuel prices and the exchange rate between the dollar and the Naira, has extended an offer of support to the Dangote Refinery, proposing that NNPC sells crude to the refinery in Naira, providing a valuable lifeline.
The President put forward the proposal today, during the federal executive council meeting, with FEC agreeing to make available 450,000 barrels for local consumption, which will be offered to Nigerian refineries in Naira, with the Dangote refinery being the initial test.
The FEC also stated that the exchange rate will remain constant throughout this transaction, while Afreximbank and other Nigerian settlement banks will support trade between Dangote and NNPC Limited, improving the process by removing the requirement for international letters of credit.
Earlier, the president signed the minimum wage bill into law, ending months of deliberations between government authorities, labour unions, and the private sector.
