Out of the 445,000 barrels of crude oil allocated daily to the Nigerian National Petroleum Corporation, the firm sells about 35 per cent (155,750bpd) to meet its own needs, the Nigerian Extractive Industries Transparency Initiative has said.
According to NEITI, crude oil allocation to the NNPC should be reduced since the country refineries are performing far below expectation. The agency out-going Executive Secretary, who is a minister designate of the Federal Government, Mrs. Zainab Ahmed, disclosed this during the handing over event at the organisation headquarters in Abuja on Tuesday.
Crude oil price on Tuesday, according to the Central Bank of Nigeria, was $48.61 per barrel. If the NNPC exports about 155,750bpd (35 per cent) of its crude allocation for its own account, it means that the corporation may be spending about $7.56m or N1.5bn daily to meet its private needs. Ahmed said, “We need to address the issue of domestic crude allocation.
