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    Kano Marginalised in the North? A Call for Reflection and Reawakening

    Kano: Marginalised in the North? A Call for Reflection and Reawakening

    FG inaugurats N5.74bn Lifeline to Yobe: Gashua Water Project Ends 20 Years of Scarcity

    FG inaugurates N5.74bn Lifeline to Yobe: Gashua Water Project Ends 20 Years of Scarcity

    Army Chief Bolsters Troop Presence in Yobe Amid Renewed Insurgent Threat

    Army Chief Bolsters Troop Presence in Yobe Amid Renewed Insurgent Threat

    The team, made up of key operational personnel and senior members of the National Medical Team, departed

    NAHCON Flags Off 2025 Hajj with Advance Team Departure to Saudi Arabia

    Drama in court: Judge withdraws, returns Gombe land tussle case to CJ

    BoI disburses N2.25bn to Gombe MSMEs

    Kebbi Governor Reaffirms Commitment to Workers’ Welfare, Bags Awards on May Day

    Kebbi Governor Reaffirms Commitment to Workers’ Welfare, Bags Awards on May Day

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    Buni donates N58m to fallen heroes' families, 28 injured soldiers in Yobe

    Buni donates N58m to fallen heroes’ families, 28 injured soldiers in Yobe

    COAS vows to protect residents, others in Northeast

    Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

    Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

    Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

    Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

    FG, military pledge to end terrorism  in Northeast

    FG, military pledge to end terrorism  in Northeast

     Ndume commends troops for protecting Borno border community

     Ndume commends troops for protecting Borno border community

    Niger exits MNJTF with threats to Nigeria, two other countries 

    Niger exits MNJTF with threats to Nigeria, two other countries 

    Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

    Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

    COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

    COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

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      Buni donates N58m to fallen heroes' families, 28 injured soldiers in Yobe

      Buni donates N58m to fallen heroes’ families, 28 injured soldiers in Yobe

      COAS vows to protect residents, others in Northeast

      Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

      Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

      Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

      Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

      FG, military pledge to end terrorism  in Northeast

      FG, military pledge to end terrorism  in Northeast

       Ndume commends troops for protecting Borno border community

       Ndume commends troops for protecting Borno border community

      Niger exits MNJTF with threats to Nigeria, two other countries 

      Niger exits MNJTF with threats to Nigeria, two other countries 

      Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

      Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

      COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

      COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

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        Empowering Women, Transforming Africa: CBW-Africa to Host Landmark Summit in Lagos

        Empowering Women, Transforming Africa: CBW-Africa to Host Landmark Summit in Lagos

        Court Postpones Speed Darlington's N300m Suit Against Police Until March 19

        Court Postpones Speed Darlington’s N300m Suit Against Police Until March 19

        Funke Akindele, Tunde Olaoye Top Nigeria’s Highest-Grossing Directors of 2024

        Funke Akindele, Tunde Olaoye Top Nigeria’s Highest-Grossing Directors of 2024

        Afrobeat Star D'Banj to Perform at African Military Games Abuja 2024

        Afrobeat Star D’Banj to Perform at African Military Games Abuja 2024

        Chidimma Adetshina Shines as First Runner-Up at Miss Universe 2024

        Chidimma Adetshina Shines as First Runner-Up at Miss Universe 2024

        Halima Abubakar Files N30bn Defamation Lawsuit Against AGN President Emeka Rollas

        Halima Abubakar Files N30bn Defamation Lawsuit Against AGN President Emeka Rollas

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        • Gender-Based Violence
        Kano Marginalised in the North? A Call for Reflection and Reawakening

        Kano: Marginalised in the North? A Call for Reflection and Reawakening

        FG inaugurats N5.74bn Lifeline to Yobe: Gashua Water Project Ends 20 Years of Scarcity

        FG inaugurates N5.74bn Lifeline to Yobe: Gashua Water Project Ends 20 Years of Scarcity

        Army Chief Bolsters Troop Presence in Yobe Amid Renewed Insurgent Threat

        Army Chief Bolsters Troop Presence in Yobe Amid Renewed Insurgent Threat

        The team, made up of key operational personnel and senior members of the National Medical Team, departed

        NAHCON Flags Off 2025 Hajj with Advance Team Departure to Saudi Arabia

        Drama in court: Judge withdraws, returns Gombe land tussle case to CJ

        BoI disburses N2.25bn to Gombe MSMEs

        Kebbi Governor Reaffirms Commitment to Workers’ Welfare, Bags Awards on May Day

        Kebbi Governor Reaffirms Commitment to Workers’ Welfare, Bags Awards on May Day

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        Buni donates N58m to fallen heroes' families, 28 injured soldiers in Yobe

        Buni donates N58m to fallen heroes’ families, 28 injured soldiers in Yobe

        COAS vows to protect residents, others in Northeast

        Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

        Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

        Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

        Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

        FG, military pledge to end terrorism  in Northeast

        FG, military pledge to end terrorism  in Northeast

         Ndume commends troops for protecting Borno border community

         Ndume commends troops for protecting Borno border community

        Niger exits MNJTF with threats to Nigeria, two other countries 

        Niger exits MNJTF with threats to Nigeria, two other countries 

        Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

        Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

        COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

        COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

        Trending Tags

          • Adamawa
          • Bauchi
          • Borno
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          • Yobe
        • Defence
          Buni donates N58m to fallen heroes' families, 28 injured soldiers in Yobe

          Buni donates N58m to fallen heroes’ families, 28 injured soldiers in Yobe

          COAS vows to protect residents, others in Northeast

          Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

          Brave Troops Crush Terrorist Assault in Gwoza, Recover Weapons, Vehicles

          Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

          Artillery Chief Storms Gombe, Commends Troops’ Firepower Against Terrorists

          FG, military pledge to end terrorism  in Northeast

          FG, military pledge to end terrorism  in Northeast

           Ndume commends troops for protecting Borno border community

           Ndume commends troops for protecting Borno border community

          Niger exits MNJTF with threats to Nigeria, two other countries 

          Niger exits MNJTF with threats to Nigeria, two other countries 

          Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

          Commander inspires wounded soldiers not to relent in N’East terrorism, banditry fights 

          COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

          COAS Advocates for Improved Collaboration Between Military, Media to Fortify National Security Policies

          Trending Tags

            • Crime
          • Health
          • Agriculture
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            Empowering Women, Transforming Africa: CBW-Africa to Host Landmark Summit in Lagos

            Empowering Women, Transforming Africa: CBW-Africa to Host Landmark Summit in Lagos

            Court Postpones Speed Darlington's N300m Suit Against Police Until March 19

            Court Postpones Speed Darlington’s N300m Suit Against Police Until March 19

            Funke Akindele, Tunde Olaoye Top Nigeria’s Highest-Grossing Directors of 2024

            Funke Akindele, Tunde Olaoye Top Nigeria’s Highest-Grossing Directors of 2024

            Afrobeat Star D'Banj to Perform at African Military Games Abuja 2024

            Afrobeat Star D’Banj to Perform at African Military Games Abuja 2024

            Chidimma Adetshina Shines as First Runner-Up at Miss Universe 2024

            Chidimma Adetshina Shines as First Runner-Up at Miss Universe 2024

            Halima Abubakar Files N30bn Defamation Lawsuit Against AGN President Emeka Rollas

            Halima Abubakar Files N30bn Defamation Lawsuit Against AGN President Emeka Rollas

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          NNPC To End Crude Swap, Targets Cash Payments For Petrol Imports

          Halima Abdulkadiri by Halima Abdulkadiri
          June 5, 2023
          in National, News
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          NNPC To End Crude Swap, Targets Cash Payments For Petrol Imports

          NNPC To End Crude Swap, Targets Cash Payments For Petrol Imports

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          NNPC To End Crude Swap, Targets Cash Payments For Petrol Imports

          The Nigerian National Petroleum Company Limited (NNPC) is set to discontinue crude oil swap in favour of cash payments for petrol imports in the country.

          The company is winding down crude oil swap contracts with traders and will pay cash for petrol imports as private companies could begin importing petrol as soon as this month.

          Read Also: Zlatan Ibrahimovic Announces Retirement At Age 41

          This means that NNPC is in the process of ending crude swap contracts with traders. Instead of exchanging crude oil for refined petroleum products, the state-oil company will now make cash payments for petrol imports.

          The move is part of President Bola Tinubu’s plans to deregulate the petrol market and reduce the burden on government finances, the statement said.

          President Bola Tinubu on Monday during his inauguration announced that “subsidy is gone” sending the market into a tailspin as those who had the products quickly shut their pumps and long queues emerged across the nation.

          NNPC has been importing petrol from consortiums of foreign and local trading firms and repaying them with crude oil via what is known as Direct Sale Direct Purchase (DSDP) contracts since 2016 because it does not have enough cash to pay for the purchases, the statement said.

          “In the last four months, we practically terminated all DSDP contracts. And we now have an arm’s-length process where we can pay cash for the imports,” Mele Kyari, group chief executive officer, NNPC told newsmen in an interview late on Saturday.

          “This is the first time NNPC has said it is terminating crude swap contracts. By importing less gasoline as private companies import the bulk, NNPC will be able to pay for its purchases in cash.”

          Nigeria is Africa’s biggest crude producer but imports most of its refined products after running down its refineries. Nigeria’s petrol import bill hit N5.2 trillion in 2022, the highest in six years, as the quest by the country to wean itself off imported fuel drags.

          A significant drop in oil production last year coupled with high global fuel prices due to the war in Ukraine pushed NNPC’s debt to traders higher. It owed the consortiums about $2 billion, a September 2022 NNPC report to the Federation Account Allocation Committee shows, the statement said.

          “An industry source with direct knowledge of the matter said NNPC was still allocating crude for fuel swaps for July loading, though less than in previous months. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums,” Reuters said.

          Kyari told newsmen that NNPC’s monopoly on petrol supplies was ending and private firms could start importing as early as this month.

          “Nigeria’s total crude and condensate output was at 1.56 million barrels a day (bpd) as of Friday. Nigeria has struggled to meet its Organization of Petroleum Exporting Countries (OPEC) oil quota of 1.742 million bpd due to grand oil theft and illegal refining,” Kyari said.

          That has raised doubts on whether Nigeria can meet supplies for the 650,000-bpd newly commissioned Dangote Refinery. NNPC has a contract to supply 300,000 bpd to the refinery.

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