21 February 2016, Lagos – The Nigerian National Petroleum Corporation paid the sum of N1.019tn into the Federation Account as proceeds from the domestic sale of crude oil and gas and other petroleum products from January to December 2015.
This, however, indicates that the revenue from such products was down by N658bn when compared with the previous year’s figure, according to the latest financial and operations’ report of the NNPC.
The corporation gave its total proceeds from the domestic sale of the listed products in 2014 as N1.677tn.
A further analysis of the report by the NNPC showed that Nigeria made its highest income in January last year, as it raked in N131.46bn.
This, however, was in contrast to the N193.4bn that was meant for to the country in the month of January, meaning that the Federal Government was unable to get the remaining N61.94bn.
On the other hand, the NNPC stated that the month with the least total proceed receipts was September. The corporation recorded a total naira receipts for crude oil, gas and other products amounting to N66.93bn at the end of that month.
It put the total proceeds at N132.53bn. This leaves a difference of N65.5bn for September 2015.
A close look at the NNPC report showed that the Federal Government could not collect the entire proceeds in any of the months of 2015 as it recorded shortfalls all through.
On the actual amount garnered as proceeds for each commodity during the year in review, the NNPC gave the naira earnings/receipts from oil as N987.54bn; gas proceed receipts, N28.26bn; while the product(s) categorised as “other receipts” got N3.64bn.
SUNDAY PUNCH exclusively reported last week that proceeds from the sale of Nigeria’s crude oil and gas alone fell by N30.01bn ($150.4m) between October and December 2015.
According to the NNPC, the country raked in $420.3m (N84.1bn) as proceeds from the sale of oil and gas in October last year, but in December of the same year, its earnings fell to $269.9m (N53.98bn).
Although no reason was given as to why the country’s proceeds from crude oil, gas and other products’ receipts were down by N658bn, the NNPC said that it was carrying out a reform that would position it for profitability going forward.