By Rabiu MUSA, Abuja
In a bid to end Oil theft, Petroleum racketeering, Diversion of Petroleum Products and ensure the stability of the pump price of dollar-Naira exchange rate, the Federal Executive Council (FEC) has adopted a proposal by President Tinubu to sell crude to Dangote Refinery and other upcoming refineries in Naira.
GLOBAL RAYS Media forensic investigation revealed that some cabal in NNPC are hell bent to frustrate Dangote refinery because they complained Dangote refinery existence and functionality will bring to an end their classified oil theft and fraud on the Federal Republic of Nigeria and their Daily remittance from Subsidies and racketeering Agents at the refineries at Port Harcourt Depot and Kaduna depot will be jeopardize and likely come to an end.
In a statement released on Monday by Presidential Aide, Bayo Onanuga, and made available to GLOBAL RAYS Media, reads in part: “Dangote Refinery at the moment requires 15 cargoes of crude, at a cost of $13.5 billion yearly, and NNPC has committed to supply four.”
“The FEC on Monday approved that the 450,000 barrels meant for domestic consumption be offered in Naira to Nigerian refineries, using the Dangote refinery as pilot. The exchange rate will be fixed for the duration of this transaction.
Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited.”
The game changing intervention will eliminate the need for international letters of credit. It will also save the country of billions of dollars used in importing refined fuel
