A long-running dispute between state governors and NNPC Ltd resurfaced over an alleged $42.37bn under-remittance to the Federation Account covering 2011–2017. FAAC directed a joint reconciliation session after NNPC questioned elements of an audit commissioned by the Nigeria Governors’ Forum.
The disagreement has revived calls for stronger transparency in oil revenue reporting and consistent independent verification to reduce fiscal shocks for states.
2025-12-10
Punch Newspapers
2025-12-10
NNPC Exploration and Production Limited recorded 355,000 barrels per day on December 1, 2025, which it described as its highest daily output in 36 years. The company also reported a steady rise in average daily production since 2023.
NNPC says improved asset management and operational discipline are driving the gains as Nigeria targets higher national output over the next few years.
2025-12-10
Punch Newspapers
2025-12-10
![[Update]: Again, FG Increases Depot Price of Petrol to N151, Marketers to sell at N162](https://echotitbits.com/wp-content/uploads/2020/06/NNPC-2.jpg)
The President Muhammadu Buhari-led Federal Government Wednesday increased the depot price of Premium Motor Spirit popularly known as petrol to N151.56 per litre.
This is expected to lead to an increase in the pump price of petrol nationwide.
This was disclosed by the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
PPMC, in a statement by D. O. Abalaka, said the pump price of petrol has increased to N151.56 per litre and effected accordingly.
According to him, “Please be informed that a new product price adjustment has been effected on our payment platform.
“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.
“This takes effect from September 2, 2020.”
The company directed all operators to abide accordingly.
READ ALSO:
Sanwo-Olu, FAAN Parley Ahead of Sept 5 International Flights’ Resumption
PPMC, in a statement by D. O. Abalaka, said the pump price of petrol has increased to N151.56 per litre and effected accordingly.
According to him, “Please be informed that a new product price adjustment has been effected on our payment platform.
“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.
“This takes effect from September 2, 2020.”
The company directed all operators to abide accordingly.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the Southwest region of the country to begin sales of the Premium Motor Spirit (PMS) popularly referred to as petrol at N162 per litre.
The southwest Zonal Chairman of IPMAN, Alhaji ‘Dele Tajudeen in a telephone chat with journalists in Abeokuta, the Ogun state capital, said his members would be left with no other option than to dispense the product at a price of N162.
Tajudeen said, the directive followed the increase in the deport loading price of the product by the federal government, which placed a new price regime of the product at N151. 56k.
He explained that since the federal government has decided and puts the price of the product at N151. 56k, IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost.
Idowu Sowunmi
The downstream subsidiary of Nigerian National Petroleum Corporation (NNPC) otherwise called Petroleum Products Marketing Company (PPMC), has fixed the ex-depot price of premium motor spirit (PMS) also known as petrol at N138.62 per litre.
PPMC, in a memo by its Manager, Sales, Mohammed Bello, in Abuja on Tuesday, said the new price would come into effect from August 5.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets.
PPMC also put the ex-coastal price of the commodity, which is the price at which the product is sold to depot owners, at N113.70 per litre.
The ex-depot price for automotive gasoline oil (AGO), also known as diesel, was fixed at N160 per litre and N165 per litre, for depots in Lagos and Oghara respectively.
It, besides, fixed the ex-depot price for kerosene at N160 per litre.
News Agency of Nigeria (NAN) reported that the Petroleum Products Pricing for Regulatory Agency (PPPRA) was yet to release the monthly pricing modulation for petroleum products for August.
The pricing modulation would determine the pump price that the products would be sold to motorists.
Some analysts have, however, speculated that Nigerians may pay N150 or more per litre of petrol for the month of August.
Idowu Sowunmi
The house of Representatives has resolved to investigate alleged illegal withdrawals from the Nigerian Liquefied Natural Gas (NLNG) dividends account by the management of the Nigerian National Petroleum Corporation NNPC.
The House’s resolve was sequel to a motion by a member from Delta State Mr Ndudi Elumelu during plenary.
Elumelu stated that the dividends from the NLNG are supposed to be paid into the consolidated revenue funds account of the federal government and to be shared among the three tiers of government.
The lawmaker said without due consultation with the states and the mandatory appropriation from the National Assembly, the NNPC illegally tampered with the dividends account to the tune of $1.05 billion.
According to him, there was no transparency in the extra budgetary spending as only the group managing director and the corporation’s chief financial officer has the
knowledge of how the funds were spent.
He expressed concern that there are no records showing the audit and recovery of accrued funds from the NLNG dividends account.
Adopting the motion, the house mandated its Committee on public account to invite the management of NNPC and that of NLNG to conduct a thorough investigation and report back in four weeks.
Idowu Sowunmi
Nigerian National Petroleum Corporation (NNPC) has raised an alarm over prevalent low grade and contaminated Automative Gas Oil (AGO), otherwise called, diesel offered at discounted prices in parts of the country.
This was coming as the corporation has taken measures to bring down cost of crude oil production to $10 per barrel or below.
NNPC’s warning was contained in a report by the corporation’s Retail Limited Managing Director, Sir Billy Okoye, who admonished motorists to be wary of the off-spec products.
Okoye explained that “the warning became necessary because the low grade, contaminated diesel is harmful to machines and environment”, adding that “NNPC Retail Limited as a market leader considered it incumbent upon it to alert the public on the subject.”
He assured consumers that “NNPC Retail Limited deals only in premium, high-quality products in the interest of Nigerian motorists and users”, urging consumers to patronise the company’s stations where the quality of their products is assured.
As a deregulated product, diesel is also imported by other major and independent marketers in the country.
READ ALSO: FCTA issues guidelines on reopening of worship centres in Abuja
Meanwhile, NNPC said it’s taking measures to bring down cost of crude oil production to $10 per barrel or below. This was disclosed by the corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare.
NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that Ewubare made the declaration today on a Channels TV breakfast programme, Business Morning.
The COO explained that terrain peculiarity was an important factor in determining cost, arguing that issues such as pipeline vandalism and crude oil theft, among others, were some of the factors peculiar to the Nigerian terrain that drive up crude oil production cost in the country.
He, however, stated that NNPC was looking very closely at such variable as logistics, security and transportation with a view to reducing cost of production to $10 and below per barrel.
He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, noting that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager.
Amidst speculations of non-compliance by some countries with the production cuts agreed upon by the Organisation of the Petroleum Exporting Countries (OPEC) and its non-member allies, Ewubare affirmed that Nigeria was in full compliance with the agreed output cuts, saying reports including Nigeria on the list of non-compliant countries were not true.
Ewubare explained that though Nigeria’s total production capacity was 2.3 million barrels per day (mbpd), it was currently producing only about 1.4mbpd in compliance with the OPEC+ production quota, adding that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.
“There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd.
“Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil.
“The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”, Ewubare said.
READ ALSO: AfDB board finds middle ground, supports Adesina, grants US a review
NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.