NNPC counters FAAC as committee reports company exported crude — but recorded zero domestic sale in July
NNPC counters FAAC as committee reports company exported crude — but recorded zero domestic sale in July
The Federation Account Allocation Committee (FAAC) says the Nigerian National Petroleum Company (NNPC) Limited exported crude oil in July, but reported no domestic sale in the same month.
This is contained in the report by the technical sub-committee of FAAC, dated October 14, and seen by TheCable.
According to the report, “NNPC representative reported that 1.27 million barrels of crude oil were exported in July 2026” at the sale value of N149.6 billion ($112.38 million).
However, the report noted that “NNPC representative reported that there was no sale of domestic crude oil in July 2026”.
On crude exports, the committee said NNPC received N40.04 billion ($30.06 million) during the month under review.
The report also noted that miscellaneous crude receipts amounted to N12.28 million ($9,222).
According to the committee, the NNPC representative reported export gas sale of 6.57 million metric tonnes in July, valued at N19.44 billion ($14.59 million).
The report added that “N7.11 billion ($5.34 million) was received during the month,” adding that miscellaneous gas receipts amounted to N24.13 million ($18,116).
The NNPC representative also reported domestic gas sales of 1.25 million metric tonnes in July, valued at N2.23 billion.
The report added that no receipts were recorded during the month under review.
NNPC is yet to respond to TheCable’s enquiry over the differences in value of product sold and payment received.
Commenting on the domestic and foreign crude supply, Andy Odeh, NNPC spokesperson, said the national oil company remains committed to national energy security and the provisions of the Petroleum Industry Act (PIA), consistently supplying crude oil to domestic refineries, including Dangote Petroleum Refinery.
In July, he said NNPC supplied “8,166,170 barrels of crude oil to the refinery,” countering the FAAC report.
“NNPC Limited has maintained Sales and Purchase Agreements (SPAs) with Dangote Petroleum Refinery since 2023. The current two-year agreement, which commenced in August 2025, remains in force and will be renewed upon expiration,” he said.
“Crude oil supplies are sourced from NNPC Limited’s upstream subsidiaries — NNPC Upstream Investment Management Services (NUIMS) and NNPC Exploration and Production Limited (NEPL) — as well as third-party suppliers of Nigerian and international crude.”
The spokesperson added that transactions are conducted in both naira, in line with the federal government’s policy initiative, and US dollars.
