In a significant policy shift, the Federal Executive Council (FEC) has approved the sale of crude oil to Dangote Refinery and other local refineries in naira rather than dollars.
This decision was announced by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), following Monday’s FEC meeting.
Adedeji explained that this move aims to facilitate the sale of refined products from these refineries to local marketers, enhancing the availability of locally refined oil products for domestic consumption.
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