In the past four months, the Federal Government has sold crude oil valued at ₦219.38bn to Dangote Refinery. The Government through NNPC sold crude worth ₦219.38bn to 650,000bpd in the Lagos based refinery. These details were contained in internal documents from the Nigerian National Petroleum Company Limited (NNPCL) submitted at the Federation Account Allocation Committee meetings (FAAC).
The documents showed that nine cargos were delivered to Dangote refinery, totalling 1,901,850 barrels sourced from the Okwuibome field, operated by Sterling Oil Exploration & Energy Production Company under production sharing contracts. The crude was sold at unit prices ranging from $74.87 to $80.34pb, using exchange rates between ₦1,501.22/$ and ₦1,562.91/$
The documents also reviewed that the NNPCL sold a combined $153.03m worth of crude oil to international partners within the four-month window, with naira earnings varying according to monthly exchange rate fluctuations advised by the CBN.
The FAAC mentioned that a total revenue of ₦2.5bn was realised during the period, based on an average exchange rate of ₦1,595.689 to dollar as provided by CBN.
BREAKDOWN OF THE CRUDE OIL EXPORT EARNINGS:
In January 2025, the Government earned $31.13m which translated to ₦45.99bn at an exchange rate of ₦1,491/$. In February 2025, export sales rose to $41.23m = ₦61.50bn exchange rate at ₦1,491/$. In March 2025, $79.07m = ₦121.44bn at ₦1, 535/$. In April 2025, the earnings dipped to $1.59m = ₦2.53bn rate at ₦1, 595/$. In May 2025, the Federation Account document revealed that 11,231,944.79 barrels of crude were exported in March, yielding $1.59bn in receipts remitted in April. Meaning, the sales to local refineries such as the Dangote refinery, which received about 5 million barrels in previous months dropped to zero.
Gross receipts from oil and gas sales for April stood at $6.25bn, equivalent to ₦1.01tn at the average exchange rate of ₦1,595.689/$ as advised by CBN for April FAAC items.
