NNPC remits N128bn into federation account

Nigeria’s state oil agency, Nigerians National Petroleum Corporation, NNPC, says it has remitted the sum of N128.40 billion into the federation account in August.

The Corporation disclosed this in its monthly Financial and Operational report released in Abuja on Wednesday.

It said that between August 2017 and August 2018, the federation and Joint Ventures (JV) received the sum of N879.02 billion and N651.4 billion respectively.

The NNPC explained that the Federation Crude Oil and Gas Revenue, Federation Crude Oil and Gas lifting, were classified into Equity Export and Domestic crude.

It explained that this crude were lifted and marketed by corporation and the proceeds remitted into the Federation Account.

It noted that Equity Export receipts, after adjusting for Joint Venture Cash Calls, were paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).

The corporation explained that domestic crude oil of 445,000 bpd was allocated for refining to meet domestic products supply, and payments were effected to the Federation Account by NNPC.

This, it said was done after adjusting crude and product losses and pipeline repairs and management costs incurred during the period.

On the crude oil and gas export sales, the report noted that sales for the month of August stood at 470 million dollars.

According to the report, the sales indicate an upsurge of about 78million dollars in relation to July oil and gas export figures of 391.91million dollars.

It further indicated that crude oil export sales contributed 337.62million dollars which represented 71.83 per cent of the dollar transactions compared with 283.43million dollars contribution in the previous month.

“Export gas sales during the period amounted to 132.38million dollars.

“The August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth 5.26billion dollars,” it said.

The report explained that based on the above sales figures, a total export receipt of 450.24million dollars was recorded in August 2018 as receipt against 382.65million dollars in July 2018.

“Contribution from crude oil during the period, amounted to 336.43 million dollars, while gas and miscellaneous receipt stood at 101.33million dollars and 12.48million dollars respectively,” the report noted.

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A further breakdown of the figures showed that out of the export receipts, 142.31million dollars was remitted to the Federation Account.

The sum of 307.93million dollars was remitted to fund the JV cost recovery for the month of August, 2018 to guarantee current and future production.

“Total export crude oil and gas receipt for the period August 2017 to August 2018 stood at 5.23billion dollars out of which 3.74 billion dollars was transferred to JV Cash Call as first line charge and the balance of 1.49 billion dollars paid into the Federation Account,” it added.