FG Sells N219.38bn Crude To Dangote In Four Months

The federal government sold crude oil valued at N219.38bn to the Dangote Petroleum Refinery in the first four months of 2025, The PUNCH reports.

The government also earned $1.59m from crude oil exports in April 2025, during the period it suspended sales of domestic crude allocations to the Dangote refinery and local refiners.

These details were contained in internal documents from the Nigerian National Petroleum Company Limited, submitted at the Federation Account Allocation Committee meetings, and obtained by The PUNCH on Wednesday.

The Federation Accounts Allocation Committee said a total revenue equivalent of N2.53bn was realized during the period, based on an average exchange rate of N1,595.689 to the dollar, as provided by the Central Bank of Nigeria.

On March 19, the Dangote refinery suspended the sale of its petroleum products in naira due to a stalemate in the naira-for-crude deal between it and NNPCL, which appeared to have failed.

The 650,000-barrels-per-day capacity refinery lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US dollars.

“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.