Nigeria’s choice to sell crude in Naira will save the nation an estimated $7.3 billion yearly, according to Zacch Adedeji, Chairman of the Federal Inland Revenue Service and Special Advisor on Revenue to President Bola Ahmed Tinubu.
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In order to explain President Tinubu’s directive for the Nigerian National Petroleum Company Limited to sell petroleum in Naira, Adedeji revealed this information on Monday. He pointed out that the move will save almost $660 million in foreign spending per month.
The head of FIRS emphasised that the President’s action will lessen Nigeria’s significant reliance on foreign exchange for the country’s imports of crude oil, which make up between 30 and 40 percent of its foreign exchange expenditures. He claims that the country will save an estimated $7.3 billion annually and $660 million monthly in foreign exchange expenses on petroleum goods as a result of the move.
“We spend about $660 million a month on these exercises, and when you analyse that, we can save $7.92 billion a year,” he said. Remember that Tinubu directed NNPCL to sell crude to Dangote Refinery and other nearby refineries in Naira on Monday, in a significant move. The action is being taken in the midst of the oil and gas industry’s difficulty in crude supplies that Dangote Refinery is facing.
