NNPC Remits N56billion into Federation Account

The Nigerian National Petroleum Corporation, NNPC, has said it paid N56.22 billion into the Federation Account in April, 2016.

This information is contained in the corporation’s Monthly Financial Report released in Abuja on Thursday, June 9.

The report stated: “NNPC transferred N56.22 billion to the Federation Account for the month of April being proceeds from local sale of petroleum products.”

“Thus, the sum of N933.12 billion has been paid to the Federation Account Allocation Committee (FAAC) from March, 2015 to April, 2016.”

On crude oil sale for the month under review, it said the NNPC recorded export sale of 289.36 million dollars, adding that the sale was made in March, while the collection was made in April this year.

The report stated that crude oil export sales during the period amounted to $191.30 million or 66.11 per cent of the dollar transactions compared with 57.79 per cent contribution in the previous month.