THE Federation Account Allocation Committee (FAAC) has reported that the Nigerian National Petroleum Company (NNPC) Limited exported crude oil in July 2026 but recorded no domestic crude oil sales during the same month, while the national oil company says it supplied more than eight million barrels to the Dangote Petroleum Refinery.
News Point Nigeria reports that the information is contained in a report by FAAC’s technical sub-committee, dated October 14 and seen by TheCable, which detailed NNPC’s crude oil and gas sales, their reported values and receipts during the month under review.
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According to the report, “NNPC Boss, Bayo Ojulari reported that 1.27 million barrels of crude oil were exported in July 2026” at a 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).
On gas transactions, the committee said the NNPC representative reported export gas sales 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,” while miscellaneous gas receipts amounted to N24.13 million ($18,116).
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The NNPC boss also reported domestic gas sales of 1.25 million metric tonnes in July, valued at N2.23 billion.
However, the report added that no receipts were recorded during the month under review.
NNPC was yet to respond to News Point Nigeria’s enquiry over the differences between the reported values of products sold and the payments received.
Commenting on domestic and foreign crude supply, NNPC spokesperson Andy Odeh said the national oil company remained committed to national energy security and the provisions of the Petroleum Industry Act (PIA), consistently supplying crude oil to domestic refineries, including the Dangote Petroleum Refinery.
Odeh said NNPC supplied “8,166,170 barrels of crude oil to the refinery” in July, a statement that contrasts with the FAAC report’s account of no domestic crude oil sales 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,” he said.
He explained that crude oil supplies were 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.
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The spokesperson added that transactions were conducted in both naira, in line with the Federal Government’s policy initiative, and US dollars.
The FAAC report’s account of domestic crude sales and NNPC’s statement on the volume supplied to the Dangote refinery leave a discrepancy between the two accounts of July’s transactions.
