Lagos — State oil company, the Nigerian National Petroleum Corporation, NNPC recorded a 52.84 percent increase in its export sales in just one month.
The spike in sale was recorded last September, according to the firm’s monthly report for September.
The report says a total export sale of $355.93 million was recorded in September 2019; increasing by 52.84% compared to the previous month.
Crude oil export sales contributed $267.97 million (75.29%) of the dollar transactions compared with $150.73 million contributions in the previous month; while the export gas sales amounted to $87.96 million in the month.
The September 2018 to September 2019 crude oil and gas transactions indicated that crude oil and gas worth $5.63 Billion was exported.
Total export receipt of $430.59 million was recorded in September 2019 as against $205.36 million in August 2019.
Contribution from crude oil amounted to $303.10 million while gas and miscellaneous receipts stood at $56.37 million and $71.12 million respectively.
Of the export receipts, $117.81 million was remitted to the Federation Account while $312.78 million was remitted to fund the Joint Venture cost recovery for the month of September 2019 to guarantee current and future production.
Total export crude oil and gas receipt for the period of September 2018 to September 2019 stood at $5.68 billion, out of which the sum of $4.23 billion was transferred to JV cash call as first line charge and the balance of $1.45 Billion was paid into federation account.
In September 2019, NNPC said it remitted the sum of N186.17billion to the Federation Accounts Allocation Committee, FAAC.
From September 2018 to September 2019, total NNPC remittances to FAAC was N1,501.67; out of which, Federation and JV received the sum of N760.27billion and N741.41billion respectively.