• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, September 8, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

JUST-IN: Tinubu Approves Sale Of Crude Oil To Dangote, Other Refineries In Naira

by Jonathan Nda-Isaiah
1 year ago
in Business, Cover Stories
tinubu
Share on WhatsAppShare on FacebookShare on XTelegram

President Bola Tinubu has approved a new directive to promote the trade of crude oil using the local currency.

Advertisement

The Federal Inland Revenue Service (FIRS) Chairman, Zacchaeus Adedeji, disclosed this to State House correspondents on Monday after the federal executive council (FEC) meeting at the Presidential Villa in Abuja on Monday.

According to him, effective immediately, the Nigerian National Petroleum Company (NNPC) Limited will engage with local refineries in transactions dominated in Naira.

He said this move was also extended to the sale of crude oil to Dangote Refinery, with the subsequent sale of Dangote’s products to others also to be conducted in Naira.

He said the decision aimed to mitigate the heavy reliance on foreign exchange for crude oil imports, which currently accounts for roughly 30 to 40 per cent of Nigeria’s forex expenditure.

ADVERTISEMENT

The FIRS boss further explained that by denominating transactions in Naira, the federal government expected to significantly reduce the forex burden, estimating annual savings of around $7.3 billion.

Adedeji emphasised that the shift will stabilise crude oil prices domestically by minimising the impact of forex fluctuations.

RELATED

World Bank Picks Gombe, 2 Others For Global Livestock Summit In France

World Bank Picks Gombe, 2 Others For Global Livestock Summit In France

1 hour ago
Naira Depreciates to N1,175 Per Dollar At Parallel Market

Naira Soars 6-month High At N1,506 To 1$

6 hours ago

He said the new policy is anticipated to ease the pressure on Nigeria’s foreign exchange reserves, reducing monthly forex expenditure from $50 million to approximately $600 million.

ADVERTISEMENT

As part of the implementation, Afreximbank has been selected as the pilot settlement bank to facilitate the transactions.


Join Our WhatsApp Channel



Tags: Bola Ahmed TinubuDangote Refinery
SendShare10324Tweet6452Share
ADVERTISEMENT
Previous Post

Children Among Eight Victims Stabbed In UK Knife Attack

Next Post

Gunmen Abduct Monarch, Son, 5 Others In Sokoto

Jonathan Nda-Isaiah

Jonathan Nda-Isaiah

You May Like

World Bank Picks Gombe, 2 Others For Global Livestock Summit In France
Business

World Bank Picks Gombe, 2 Others For Global Livestock Summit In France

2025/09/08
Naira Depreciates to N1,175 Per Dollar At Parallel Market
Business

Naira Soars 6-month High At N1,506 To 1$

2025/09/08
Speaker Abbas Asks US To Support Nigeria’s Security, Anti-corruption Campaigns
Cover Stories

JUST-IN: Speaker Abbas Raises Alarm As Nigeria’s Debt Hits N149trn

2025/09/08
Schneider Electric Introduces Microgrid Power For Off-grid Communities
Business

Schneider Electric Deploys Non-critical Applications In West Africa

2025/09/08
BUA Group Condemns Attack On NSCDC Personnel In Okpella, Edo
Business

BUA Group Condemns Attack On NSCDC Personnel In Okpella, Edo

2025/09/08
Equities Extend Losses By N345bn
Business

Risk-off Sentiment Deepens As Stock Investors Lose N832bn In 1 Week

2025/09/08
Leadership Conference advertisement

LATEST

Poverty Reduction Surest Way To Fight Insecurity, Chinedumuije Urges Tinubu

APC Targeting Us With Violence Over Our Political Belief, Says Ex-AGF Malami

‘CBT Centres Guilty Of UTME Fraud Will Be Shut, Owners Jailed’, Says JAMB Committee

NISCN Urges Wike To End Motor Touting, Textbook Scams In Abuja

World Bank Picks Gombe, 2 Others For Global Livestock Summit In France

Wike Will Respond To Tambuwal’s Claims Accordingly — Aide

Nigeria’s Education Sector Is In Trouble, Says JAMB Panel Chair Epelle

We Are Yet To Receive El-Rufai’s Petition Against Police — PSC

BBNaija10: Faith Breaks Down In Tears After Rooboy‘s Shocking ‘Eviction’

Olubadan-designate Oba Ladoja Pledges Visit, Teaching At Alma Mater

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.