Special Adviser to former President Goodluck Ebele Jonathan, Reno Omokri, has lauded the commencement of the sale of fuel from Dangote Refinery, describing it as a significant win for the country and the Nigerian currency, Edum News reports.
He made this known in a statement via his verified handle on X.
He noted that the commencement of the sale and end to the importation of fuel, will cause a rise in the value of Naira, adding that the country wil no longer spend so much importing fuel from Europe and Asia.
He added that the government will be able to use the money previously spent on importation of fuel to service the economy and reduce the downward pressure on the Naira.
He wrote, “As a direct consequence of the commencement of the sale of Dangote Refinery petrol and the impending cessation of fuel imports, the Naira is about to rise in value because Nigeria will no longer have to spend $1.8 billion monthly importing fuel from Europe and Asia.
“That money will now service our economy and reduce the downward pressure on the Naira. Our foreign reserves will rise, and our accounts with the Bank for International Settlements in Basel, Switzerland, will stabilise.
“Our current trade surplus, which is currently at approximately ₦14 billion for the first six months of 2024, will almost triple by December, positively impacting the economy and expected to reduce inflation and cost of living.
“All told, this is a significant win for #GrowNairaBuyNaija”.
Written by Hope James
