NNPC Remits N1.118trillion Into Federation Account in One Year

The Nigerian National Petroleum Corporation, NNPC, paid N69.544 billion into the Federation Account in March, according to the state-run oil firm’s monthly financial report for March released over the weekend in Abuja.

The NNPC added that the total amount paid into the Federation Account for domestic crude oil and gas and other receipts from April 2015 to March 2016 is N1.118 trillion.

It recorded N107.826 billion revenue in March, slightly higher than the N104.804 in February.

The report said the revenue rose marginally by 2.88 per cent and the expenses dipped by 12.92 per cent to N112.368 billion from N129, 034 billion recorded in February.

However, the corporation also made a loss of N18.89 billion in the month.

It said the loss was an improvement from a deficit of N24.23 billion recorded in February.

A breakdown of the financial performance of its subsidiaries showed that Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million.

The Nigerian Gas Company recorded a profit of N5.155 billion.

“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million. The PPMC recorded a deficit of N923 million’’.

The report said that the deficit recorded by NPDC in February and March 2016 were due to production shut–in occasioned by vandalism of Forcados Export Line.

The report also put the combined value of output by the three refineries at import parity price in March 2016 at N22.93 billion. The associated Crude plus freight cost was N20.02 billion.

It said that this gave a negative margin of N3.95 billion after considering overhead of N6.87 billion.

The report also said that N85.66 billion was collected as sales revenue from white products sold by PPMC in March compared with N85.23 billion collected in the previous month.