Chairman of the Federal Inland Revenue Service (FIRS), Zach Adedeji, has announced that the Federal Government will reduce monthly spending on petrol imports by a whooping $610 million by supplying crude oil to ?angote Refinery and other local refineries in the local currency, the Naira.
Adedeji made this statement on Monday, following the approval from the Federal Executive Council (FEC) that trade among local refineries be denominated in naira with immediate effect.
Adedeji said about $660 million is spent monthly on fueling importation, amounting to about $7.92 billion every year.
