NNPC Fail To Account For 65,000 Barrels Of Oil Daily (Worth – 939 Million Naira)

The Nigeria National Petroleum Corporation, NNPC, yesterday failed to give account of 65,000 barrels of crude oil out of the 445,000 barrels of crude allocated to it daily for domestic consumption.

Making the first public account of the utilization of its domestic allocation at the Senate public hearing on the management of the fuel subsidy regime of the Federal Government, the corporation’s officials also disclosed that 20% of the cost of imported fuel represented the component associated with importation.

Nigeria’s brent crude was selling at $97.89 yesterday translating to a daily $6.362 million or N939 million daily that cannot be accounted for.

The Group Managing Director of the NNPC Mr. Austion Oniwon led senior officials of the corporation to the Senate hearing presided over by Senator Magnus Abe, Chairman of the Senate committee on Petroleum, Downstream.

Giving a breakdown of the utilization of the 445,000 barrels of oil allocated to the NNPC for utilization by the local refineries, Mr. Oniwon disclosed that the corporation sells 65,000 barrels of the allocation to a foreign oil company and another 65,000 barrels of the lot is refined by Societe Ivoirienne De Refinnage in Cote Di’ Voire. He, however, claimed ignorance of the 65,000 barrels sold daily.

Oniwon while giving the breakdown of the management of its daily crude allocation told the committee that only…