Nigeria’s federal executive council has given approval for 450,000 barrels of crude oil meant for domestic consumption in the country to be sold in Naira to Nigerian local refineries, using the Dangote refinery as pilot to reduce cost of fuel in Nigeria.
The approval given to the Nigerian National Petroleum Company by the council to supply the Dangote refinery with the said 450 000 barrel of crude oil to be refined for local consumption just days to the commencement of the planned protest scheduled for Thursday, August 1st is seen by many as latest strategy by government to address some of the immediate concerns of the youths who have consistently queried the high cost of energy in Nigeria.
The federal executive council also offered the Dangote refinery including other prospective local refineries a lifeline for the NNPC Limited to sell crude oil in local currency within the transaction period.
Addressing state house correspondents after the council meeting, special adviser to the president on revenue , Zacch Adedeji, explained that
the move will ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate.
The minister of information and national orientation Mohamed Idris, at a subsequent briefing after the council meeting said specific policies are being worked out for Nigerian youths and other category of citizens in the coming months to address their larger concerns.
