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Home NEWSLETTER NNPC Remits N872.90billion to Federal Government

NNPC Remits N872.90billion to Federal Government

The Nigerian National Petroleum Corporation, NNPC, has remitted N872.90billion for Domestic Crude Oil & Gas and other receipts to the Federation Account between January and October this year

In its October 2015, Financial and Operations Report, posted on its website yesterday, it noted that: “ the sum of N872.90billion for Domestic Crude Oil & Gas and other receipts have been paid to the Federation Account from January to October 2015.”

On refinery operations, the state-run oil firm said: “Total crude processed by the three refineries, in the month of October 2015 was zero. However, 92,332 MT(metric tonnes) of unfinished product was processed which translates to a combined yield efficiency of 78.93 per cent.

“From January to October 2015, the three refineries produced 682,901 MT (5,007,030.13 bbls) of finished petroleum products out of 955,537 MT (7,005,997.28 bbls) of crude processed at an average capacity utilisation of 5.18 per cent and yield efficiency of 78.93 per cent.”

According to the report, crude oil export revenue increased by 14.42 per cent between September and October 2015.

In the month under review, the NNPC said its total export proceeds was $445.79million with proceeds from crude oil export sale amounting to $325.28 million or 72.97 per cent of the dollar payment compared with 58.55 per cent contribution in previous month of September.

It added that “while export gas sales and NLNG feedstock accounted for $84.57million, that is, 18.97 per cent contribution compared with 31.21 per cent contribution in the prior month of September 2015.”

The remaining $35.93milion was attributable to other dollar denominated receipts by the Corporation. A total of $607.8 million has been paid so far to the Federation Account Allocation Committee (FAAC) in the year 2015 from sales of export oil and gas.”

In the 10 months under review, the total export crude oil and gas receipt is $4.14 billion.

Of the total receipts, according to NNPC, the sum of $0.61billion was remitted to the Federation Account while the balance of $3.53 billion was used to fund the JV cash call for the period.



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