Oil Receipts: NNPC Remits N135.14bn To Federation Account
The latest edition of the monthly operations and financial report of the Nigerian National Petroleum Corporation has revealed that the oil firm remitted N135.14bn to the Federation Account in November 2017.
The report, which was made public on Wednesday, also stated that the oil firm posted a total crude oil and gas export sale of $239.1m in the month under review.
Details of transactions contained in the November 2017 report further indicated that crude oil and gas export sales were 25.68 per cent lower than the previous month’s performance.
It stated that crude oil export sales contributed $113.97m or 47.7 per cent of the dollar transactions, compared with $227.83m in the previous month, adding that export gas sales amounted to $125.13m during the period.
Transactions from November 2016 to November 2017, however, indicated that crude oil and gas worth $3.73bn was exported during the one-year period.
On naira payments to the Federation Account, the report stated that domestic crude oil and gas receipt during the month amounted to N135.14bn, consisting of N127.93bn from crude oil and N7.21bn from gas.
On the receipt from net domestic crude oil and gas, the NNPC transferred the sum of N54.16bn to the Federation Account and N80.98bn for Joint Venture cash call for the month under review.
The report stated that from November 2016 to November 2017, the federation, JV, and Federal Government received the sum N865.59bn, N726.11bn and N31.65bn, respectively for debt repayment.
Under dollar payments to the Joint Venture Cost Recovery and Federation Account, it stated that a total export receipt of $201.11m was recorded in November 2017, as against $277.5m in the preceding month.
Contribution from crude oil amounted to $147.39m, while gas and miscellaneous receipts stood at $50.17m and $3.55m, respectively.
Of the export receipts, $121.75m was remitted to Federation Account, while $56.56m was remitted to fund the JV cost recovery for the month of November 2017.
Total export crude and gas receipt for the period of November 2016 to November 2017 stood at $3.73bn, out of which the sum of $2.6bn was transferred to the JV Cash Call as first line charge, and the balance of $0.85bn was paid into the Federation Account.
Providing further explanation about crude oil and gas revenue remittances, the NNPC stated that the federation crude oil and gas liftings were broadly classified into equity export and domestic.
It said both categories were lifted and marketed by the corporation and the proceeds remitted to the Federation Account.
It stated that equity export receipts, after adjusting for JV Cash Calls, were paid directly into the Federation Account domiciled in the Central Bank of Nigeria, while domestic crude oil of 445,000 barrels per day was allocated for refining to meet domestic products’ supply.
The corporation said payments were made into the Federation Account by the NNPC after adjusting crude and product losses, pipeline repairs and management costs incurred during the period.
It added that the third party finance lifting was crude oil and gas lifting from fields that were financed using alternative finance/loan facility that required the servicing of debt obligations before remitting the balance to the Federation Account as price balance.
