The Nigerian National Petroleum Company Limited, NNPCL, has demanded the refund of N2.6 trillion foreign exchange differential claim for fuel importation between August 2023 to June 2024.
Wale Edun, Minister of Finance and the Coordinating Minister of the Economy, stated this in the recently released minutes of the June meeting of the Federation Accounts Allocation Committee.

Taking the recent hike in FX which stood at N1593.62 per dollar as of Thursday into consideration, a document from NNPCL showed that the claim had increased to N4.71 trillion as of June 2024.

Edun explained to state commissioners of finances that NNPCL got presidential approval to import fuel using a “Weighted Average Rate” from October 2023 to March 2024.

He said that the amount claimed by the company was to cover the landing cost of PMS.

He said:

“Reacting to the issue of the N2.6tn claim of NNPC Ltd against the Federation, the representative of NNPC Limited confirmed that the figure had increased significantly as of May 2024 due to the change in the rate at which the company was sourcing for the Forex to pay for the landing cost of PMS”

“NNPC Limited Exchange Rate Differentials on PMS Importation and Other Joint Venture Taxes for the period August 2023 to April 2024.

“The chairman, PMSC (Post Mortem Sub-Committee) reported that NNPC Limited informed the sub-committee that it had an outstanding claim of N2,689,898,039,105.53 against the federation as a result of the use of ‘Weighted Average Rate’ as of May 2024.

“Furthermore, he disclosed that the sub-committee was able to establish that there was Presidential approval to use the ‘Weighted Average Rate’ from October 2023 to March 2024.”

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