The Nigerian National Petroleum Company (NNPC) Limited has challenged a report by the Federation Account Allocation Committee (FAAC), which stated that the company exported crude oil worth billions of naira in July 2026 but recorded no domestic crude sales during the same period.
According to a report by FAAC’s technical sub-committee dated October 14, NNPC reported exporting 1.27 million barrels of crude oil in July, valued at ₦149.6 billion, equivalent to $112.38 million.
However, the committee’s report stated that the company recorded no sales of domestic crude oil during the month.
“NNPC representative reported that 1.27 million barrels of crude oil were exported in July 2026,” the report stated.
It added that the representative reported no domestic crude oil sales in July 2026.
The committee further disclosed that NNPC received ₦40.04 billion, or $30.06 million, from crude oil exports during the month. Miscellaneous crude receipts were put at ₦12.28 million, equivalent to $9,222.
On gas sales, the report said NNPC recorded export sales of 6.57 million metric tonnes of gas in July, valued at ₦19.44 billion, or $14.59 million.
However, only ₦7.11 billion, equivalent to $5.34 million, was received during the month. Miscellaneous gas receipts amounted to ₦24.13 million, or $18,116.
The report also stated that NNPC recorded domestic gas sales of 1.25 million metric tonnes, valued at ₦2.23 billion, but received no payments for those sales during the period under review.
NNPC had yet to respond to an enquiry seeking clarification on the differences between the reported values of products sold and the payments received.
NNPC Says It Supplied Crude to Dangote Refinery
Despite the FAAC report, NNPC spokesperson Andy Odeh said the national oil company remained committed to safeguarding Nigeria’s energy security and complying with the Petroleum Industry Act (PIA).
Odeh maintained that NNPC consistently supplied crude oil to domestic refineries, including the Dangote Petroleum Refinery.
He said the company supplied 8,166,170 barrels of crude oil to the Dangote refinery in July, contradicting the report’s indication that no domestic crude sales were recorded during the month.
“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,” Odeh said.
He explained that crude oil supplied to the refinery came from NNPC’s upstream subsidiaries, including 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 also stated that transactions were conducted in both naira, in line with the Federal Government’s policy initiative, and US dollars.
The differing accounts have raised questions about how domestic crude supply transactions were reflected in the FAAC report and how the values of products sold compared with the payments recorded during July.
