Business
Despite NNPCL’s N907bn FAAC contribution, the Excess Crude Account remains unaltered.

The Excess Crude Account (ECA) balance has remained stable at approximately $474m for the past two years, even though the Nigerian National Petroleum Company Limited (NNPCL) has contributed N907bn to the Federal Account Allocation Committee (FAAC).
The NNPCL resumed FAAC contributions in June following a hiatus due to significant fuel subsidy costs.
A statement issued following the July 2023 FAAC meeting revealed that the ECA balance was $473,754 as of June 2023, matching the balance recorded on December 15, 2022. During this period, NNPCL paid N907.054bn into the FAAC account.
The meeting was led by the Federation’s Accountant General, Dr. Oluwatoyin Madein. From the total distributable revenue of N907bn; N345bn was received by the Federal Government, around N296bn went to the State Governments, and N218bn to the Local Government Councils. The relevant states shared a total of N47bn as 13 per cent derivation revenue.
Energy specialist Bala Zaka called this situation “very negative and hazardous.”
The ECA was designed to store extra income whenever the country’s crude oil sales surpassed the approved budget benchmark.
For instance, if the crude oil benchmark was set at $70 per barrel and the commodity was sold for $75 per barrel, the surplus $5 would be saved for future use.
In 2023, Nigeria set its crude oil price benchmark at $75 per barrel. However, the international Brent rate rose to $82 per barrel last week before decreasing to $80 per barrel on Friday. Interestingly, Nigeria’s crude grade, Bonny Light, which is generally preferred by international refineries, typically sells for $1 above the dated Brent.
In the past eight years, the account has diminished by 89%, dropping from $4.1b in November 2014 to $472,513 in the same month in 2022.
Professor Sheriffdeen Tella, an economist at Olabisi Onabanjo University, Ogun State, blamed the unfortunate situation on a lack of governmental discipline.
Tella noted that the Governors’ Forum previously objected to the ECA, arguing that it was their money, and the Federal Government should not withhold it.
Tella suggested that a similar argument could arise if money were deposited into such an account again. While it’s a common practice globally, he observed that Nigerian governments typically lack discipline and are frequently on the lookout for money to amass personal wealth.
In a separate statement, the NNPCL’s Chief Financial Officer, Umar Ajiya, announced that the company also contributed N123bn (comprising an N81bn monthly interim dividend and an N42bn 40 per cent Production Sharing Contract on profit oil), in addition to meeting its royalty and tax obligations. However, Ajiya did not disclose the exact amounts paid in taxes and royalties.
He praised the positive direction of the company under the leadership of Mallam Mele Kyari, in accordance with the provisions of the PIA.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
Business
US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

By: Fabian Apechihin
The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.
Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.
According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.
Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.
“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.
He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.
“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.
Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?
Business
NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

• Lauds transparency, fairness in beneficiary selection and grassroots empowerment
• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta
The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.
In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.
“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”
According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.
The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.
NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.
In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.
The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.
“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”
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