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Report: NNPC cannot account for what happened to over 107 million barrels of crude oil

Nigeria’s state-owned oil company, Nigerian National Petroleum Company Limited, failed to account for what happened to over 107 million barrels of crude oil back in 2019.

This was revealed during a senate committee review, the discovery was actually made back in 2019 by the Office of the Auditor-General of the Federation, Africa business insider reports. 

In its 2019 audit report, the Auditor-General’s office noted that some 107,239,436 barrels of crude oil that were lifted for domestic consumption could not be accounted for by the NNPC.

More so, about 22,929.84 litres of petrol (valued at $16.8 million) which were pumped to two NNPC depots in Ibadan and Aba were never received by the depots. Again, the NNPC could not explain what happened to the litres of petrol.

Another major issue highlighted in the report was the discrepancy in the amount remitted by the NNPC to the federation account during the period under review. Whereas the NNPC said it transferred $3 billion (N1,272,606,864,000), the the Accountant-General of the Federation said it only received $1.4 billion (N608,710,292,773.44). The NNPC could not explain where the remaining balance of $1.6 billion (N663,896,567,227.58) ended up.

“Audit observed that 107,239,436.00 barrels of crude oil were lifted as domestic crude, while the allocation of crude oil to refineries for a billing date of 9th January to 29th May 2019 was 2,764,267.00 bbls valued at N55,891,009,960.63.

“Information on the sale of un-utilised crude oil by refineries for 2019 was not provided, and information on crude oil allocations from 30th May to 31st December 2019 was not provided for scrutiny,” noted part of the audit report.

The Auditor-General has since demanded that the Managing Director of the NNPC should account for the discrepancy and all the other issues raised in the audit report.

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