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NNPC pays N128b into federation account

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THE Nigerians National Petroleum Corporation (NNPC) said it transferred the sum of N128.40 billion into the federation account in August.

According to a statement in its monthly Financial and Operational report released in Abuja yesterday, between August 2017 and August 2018, the federation and joint ventures (JV) received N879.02 billion and N651.4 billion respectively, adding that Federation Crude Oil and Gas Revenue and Federation Crude Oil and Gas lifting were classified into Equity Export and Domestic crude.

The report further explained that these crudes were lifted and marketed by NNPC which remitted their proceeds into the Federation Account, noting 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).

A total volume of 445,000 barrel per day (bpd) of crude oil was allocated for refining to meet domestic supplies, with its payments effected into the Federation Account which, it explained, 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, indicating an upsurge of about $78 million in relation to July oil and gas export figures that stood at $391.91million.

According to the report, crude oil export sales contributed $337.62 million which represented 71.83 per cent of the dollar transactions compared with $283.43million 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 $5.26 billion. 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. Total crude oil and gas export receipts 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 paid into the Federation Account,” the report notes in part.

It added that based on the above sales figures, a total export receipt of $450.24 million were recorded in August 2018 as against $382.65million recorded in the preceding month, going further to show that out of the export receipts, $142.31 million was remitted to the Federation Account with $307.93 million remitted to fund the JV cost recovery for the month of August as buffer for current and future production.

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