NNPC used an Exchange rate lower than CBN for sale of domestic Crude- Report

A new federal Account allocation Committee (FAAC) document has indicated that the Nigerian National Petroleum Company Limited (NNPC) used an exchange rate lower than the Central Bank of Nigeria (CBN) official rate for the sale of domestic crude oil between
2015 and 2022.
The committee disclosed this in
a report signed by the Chairman of its Post Mortem Sub-committee (PSMC), Kabir Mashi, a copy of which was seen by TheCable.
It stated that the report was presented to the sub-committee at FAAC’s monthly plenary meeting held on Tuesday, January 17, 2023.
The FAAC sub-committee said
it observed some underpayments of N185.45 billion to the federation account as a result of the low exchange rate applied by the NNPC.
“On the exchange rate applica- tion by NNPC on domestic crude, FIRS PSC crude and NUPRC royalty crude sale values, the sub-committee observed some un- derpayments of N185,458,842,270.76
to the federation account as a result of NNPC using exchange rate lower than the CBN official rate on domestic crude sale for the period 2015 to 2022,”