NNPC remits N1.8trn into Federation Account in one year

The Nigerian National Petroleum Corporation (NNPC) remitted domestic crude oil and gas sales proceed worth about N1.834 trillion into the Federation Account between 2019 and 2020, the latest Monthly Financial and Operations Report of the state-owned firm has shown.

Of the total remittances, the Federation and joint ventures with Government Priority Projects received the sums of N857.39billion and N976.75billion respectively.

Total domestic sales proceeds due was N2.364 trillion while the domestic crude proceeds receipts added up to N1.728 trillion.

The gross sales proceeds into the account in May came to N161.889 billion relative to the N219.159 billion posted in the corresponding period of 2019, translating to a negative growth of 26.1%.

Read also: Oil pipeline vandalism drops by 43 percent in May —NNPC

Gas proceeds receipt was N65.381 billion while other receipts contributed N40.711 billion. Total domestic sales proceeds due for the month was N156.480 billion while domestic crude proceeds, gas proceeds and other receipts were N146.9billion, N214million and N14.7billion respectively.

The biggest domestic crude oil remittance was recorded in April 2020 at N213 billion when gas payment was N116.7 million.

‘Domestic Crude Oil of 445,000bpd is allocated for refining to meet domestic products supply. Payments are effected to Federation Account by NNPC after adjusting crude and product losses and pipeline repairs and management cost incurred during the period.

‘NNPC also lifts Crude Oil and Gas other than Equity and Domestic Crude Oil on behalf of DPR and FIRS proceeds of which are remitted into Federation Account.

‘The Third-Party finance lifting is Crude Oil and Gas lifting from fields that are financed using alternative finance/loan facility which require the servicing of debt obligations before remitting the balance into the Federation Account as Price Balance as shown,’ the report said.

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