The President has instructed NNPC limited to terminate all crude oil swap contracts and to pay for petrol imports and exports.
NNPC and private firms will now purchase petroleum products in cash.
Most of our crude oil will now go to refineries in Nigeria.
He has instructed a full audit of all Nigeria refineries within 14 days.
Likewise instructed one local refinery should be fully functional in the next 6 months.
The move is part of President Bola Tinubu’s plans to deregulate the petroleum products market and reduce the burden on government finances.