According to OPEC figures, Nigeria earned N1.6 trillion in July from the sale of crude oil.
According to its August report, the nation exported 1.084 million barrels per day of crude oil in July. For 31 days, crude oil was exported at a rate of 1.084 million barrels per day, or around 31 million barrels overall.
In July, Nigeria’s Bonny Light crude oil grade was sold for $120 a barrel on the world market, bringing the country’s total revenue from crude oil export to N1.6tn. Following NNPC’s August report to the Federal Account Allocation Committee (FAAC), which said that it had received “zero” dollars from crude export the same month, Nigeria’s crude oil income for July was announced.
“There are zero receipts,” the NNPC noted under the Sales Receipt column in the report.
Although there was no explanation for the zero revenue from crude oil export in July by the NNPC, It was gathered that the company’s refusal to disclose its oil revenue to the committee might not be far from the fact that the company was now fully privatised.
Experts say NNPC’s limited liability company status had disallowed it from further remittances to the FAAC.
The state oil firm had for 44 years of its existence, declared its monthly revenue to FAAC, after which a percentage of it would be shared among the states of the federation.
“Generally, NNPC Limited will be run like any company under the Companies and Allied Matters Act. Thus, generally, it will not owe such duty save for several situations mentioned in the PIA where it will remit the proceeds of the sales of the profit oil and profit gas to the federation” Oni stated.
Meanwhile, the Energy International Agency (EIA) said some OPEC producers had continued to be uncertain about their future oil production because of unplanned production outages.
This, according to the oil producers, could significantly affect their production and net export revenue.
The EIA in its newly released forecast, listed Nigeria, Iran, Libya, and Venezuela as OPEC countries whose crude oil production and export could not be determined in the nearest future.
“In addition, some OPEC producers continue to be uncertain about their future oil production because unplanned production outages could significantly affect their production and net export revenue.
“This uncertainty is particularly great in Iran, Libya, Venezuela and Nigeria”, the agency said in its forecast.
