Tinubu’s Order on Crude Oil Sale in Naira Will Save Nigeria $7.3b Yearly -FIRS Chairman

President Bola Ahmed Tinubu’s Special Adviser on Revenue and Chairman of the Federal Inland Revenue Service, Zacch Adedeji has said that Nigeria’s decision on sale of crude in Naira will save the country an estimated $7.3 billion annually.

Adedeji disclosed this on Monday justifying why President Tinubu ordered the Nigerian National Petroleum Company Limited to sell crude in Naira.

He noted on a month-on-month basis, the decision will reduce foreign expenditure by roughly $660 million.

The FIRS boss stressed that the move by the President would cut down on Nigeria’s heavy reliance on foreign exchange for crude oil imports which account for roughly 30 to 40 percent of its forex expenditure.

According to him, the decision will save the country an estimated annual savings of $7.3 billion and will reduce monthly forex expenditure on petroleum products by an estimated $660 million.

“Monthly, we spend roughly $660m in these exercises, and if you analyze that, that will give us $7.92bn savings annually,” he stated.

Recall that Tinubu, in a significant move on Monday, ordered NNPCL to sell crude to Dangote Refinery and other local refineries in Naira.

The move comes amid the crude supply crisis Dangote Refinery is grappling with in the oil and gas sector.