As foreign exchange shortages bite harder at the Dangote Petroleum Refinery, an official of the company says the Federal Government has promised to make dollars available to the refinery to pay for crude oil.
According to the source, who pleaded for anonymity because of the sensitivity of the matter, the Federal Government agreed on Friday to ensure the refinery gets enough dollars to pay crude suppliers as the naira-for-crude deal falters.
Under the new arrangement, The PUNCH exclusively gathered that the government would make dollars available to Dangote in exchange for the petrol it sold in naira, as the refinery had bought the crude oil in dollars.
The Dangote refinery was supposed to receive about 13 million barrels of crude monthly under the naira-for-crude deal. The refinery is to process the crude and supply the fuel to the Nigerian market in naira.
But the refinery said it had since been
This post was originally published on this site.
