A newly released report from the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Nigerian National Petroleum Company Limited (NNPCL) exchanged crude oil valued at N2.6 trillion for refined petroleum products in 2021.
The report also showed that the NNPCL lifted and exported a total of 24.84 million barrels of crude oil valued at $1.70 billion on behalf of the Federation in 2021.
Under the DSDP scheme, initiated in 2016, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPCL.
The report also showed that the NNPCL did not send any crude oil to Nigeria’s refineries during the period under review, due to their non-functionality at the time.
NEITI said, “NNPC allocated a total of 98.92 million barrels of crude oil valued at $7.11bn (N2.73tn) for the local market in 2021. However, no crude was delivered to any of the local refineries in 2021.
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