Ike Amos 03 March 2016, Sweetcrude, Abuja – The Nigerian National Petroleum Corporation, NNPC, says the government received N28.262 billion from the domestic sale of gas in 2015.
Specifically, the NNPC, in its Monthly Financial and Operational report for December 2015, also disclosed that the country earned N987.54 billion from domestic crude oil sales in 2015, N3.635 billion other receipts, bringing total domestic sales proceeds to N1.02 trillion.
The NNPC explained that for the month of January, the country received N1.2 billion from the domestic sales of gas; February receipt was put at N5.07 billion; March, N3.12 billion; April, N2.74 billion; May, 962.28 million and June N2.09 billion.
From July to December, domestic gas sales proceeds were N2.084 billion, N138.158 million, N2.41 billion, N3.726 billion, N176.21 million and N4.542 billion respectively.
For December, the NNPC said it transferred N86.34 billion into the Federation Account, stating that to this end, the sum of N1.019 trillion has been paid to the Federation Account, being Domestic crude oil & gas and other receipts from January to December 2015.
On the other hand, the NNPC noted that total export proceeds of $197.15 million were recorded in November, 2015 consisting of crude oil receipt of $161.90 million; Liquefied Petroleum Gas, LPG, and Escravos Gas to Liquid, EGTL, proceed of $34.84 million and miscellaneous receipt amounting to $0.42 million.
The NNPC said, “The current total export receipt dropped by more than 50 per cent following further slide in crude oil prices and additional shut-in of about 35,000 barrels of oil per day (bopd) in Usan and Yoho Terminals. Other factors include none receipt of NLNG Feedstock of about $74.47million following payment slippage into New Year and 57.08 per cent drop in LPG/NGL lifting.
“Total export crude oil and gas receipt for the period of January – December 2015 is $4.74 billion. Of the total receipts, the sum of $0.61billion was remitted to Federation Account while the balance of $4.13 billion was used to fund the JV Cash Call for the period.
“Thus Joint Venture (JV) funding has gulped more than 87 per cent of the proceeds. JV cash call is a first line charge to Federation Account and 2015 Approved Budget requires monthly funding of about $615.8m.NNPC is therefore mandated to sweep all the export receipt to JV Cash Call funding implying a zero remittance to Federation Account.”