The Special Adviser on Revenue to President Bola Ahmed Tinubu and Chairman of the Federal Inland Revenue Service, Zacch Adedeji, has stated that Nigeria’s decision to sell crude oil in Naira will result in an annual saving of approximately $7.3 billion for the country.
Adedeji made this revelation on Monday, citing the rationale behind President Tinubu’s directive to the Nigerian National Petroleum Company Limited regarding the sale of crude oil.
He emphasized that on a month-to-month basis, this choice will lead to a decrease in foreign expenditure by about $660 million.
The head of FIRS underscored that Tinubu’s action will help reduce Nigeria’s heavy dependence on foreign exchange for crude oil imports, which currently make up around 30 to 40 percent of the country’s forex expenses.
According to him, this move is anticipated to save Nigeria $7.3 billion annually and cut the monthly forex spending on petroleum products by an estimated $660 million.
“Every month, we allocate roughly $660 million for these operations, and when you break that down, it amounts to an annual savings of $7.92 billion,” he pointed out.
In a significant development on Monday, Tinubu instructed NNPCL to sell crude oil to Dangote Refinery and other local refineries in Naira, amidst the crude supply challenges currently faced by Dangote Refinery in the oil and gas industry.