Breaking News: President Tinubu’s Approval to Sell Crude in Naira to Boost Local Industries

In a landmark announcement, President Bola Tinubu has approved the sale of crude oil to refineries in Nigeria in naira. This move is expected to stabilise the pump price of refined fuel, simplify the process of accessing foreign exchange funds, and boost the economy.

operators in the downstream oil sector have voiced their support for the decision, saying that refineries will no longer spend a significant portion of their funds attempting to secure foreign exchange. This news comes as a welcome relief from the struggles faced by local refineries for access to crude oil and the struggles faced by the economy as regards foreign exchange.

According to Special Advisor to the President on Information and Publicity Bayo Onanuga, the Federal Government has approved the sale of 600,000 barrels of crude oil to locally-owned refineries. The government explained that this decision was made considering the difficulties faced by refineries since the last administration and to address allegations of crude oil theft with the aim of ramping up crude capacity to 2.5 million barrels

The Dangote…