Ike Amos
15 November 2018, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, has reported $78 million increase in revenue for the month of August 2018.
The NNPC recorded crude oil and gas export sale of $470 million in August as against $391.91 million in July. The difference between the two figures is $78 million – the increase declared by the corporation.
According to NNPC’s Monthly Financial and Operations report for August 2018, crude oil export sales contributed $337.62 million, representing 71.83 percent of the dollar transactions compared with $283.43 million contributions in the previous month.
A statement by Group General Manager, Group Public Affairs of the NNPC, Mr. Ndu Ughamadu, indicated that export gas sales during the period amounted to $132.38 million, adding that the August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth $5.26 billion.
Ughamadu explained that based on the above sales figures, a total export receipt of $450.24 million was recorded in August 2018 as receipt against $382.65million in July 2018.
Contribution from crude oil during the period, he stated, amounted to $336.43 million, while gas and miscellaneous receipt stood at $101.33 million and $12.48 million respectively.
He said: “A further breakdown of the figures showed that out of the export receipts, $142.31 million was remitted to the Federation Account, while $307.93 million was remitted to fund the JV cost recovery for the month of August 2018 to guarantee current and future production.
“Total export crude oil and gas receipt for the period August 2017 to August 2018 stood at $5.23 billion out of which $3.74 billion was transferred to JV Cash Call as first line charge and the balance of $1.49 billion paid into the Federation Account.
“On naira payments to the Federation Account, the report informed that NNPC transferred N128.40 billion into Account for the month under review.
“It was also explained that from August 2017 to August 2018, the Federation and JV received N879.02billion and N651.4billion respectively.”
Providing insight into the corporation’s remittances to the national treasury, Ughamadu explained that the Federation Crude Oil and Gas Revenue, Federation Crude Oil and Gas lifting, are broadly classified into Equity Export and Domestic crude which are lifted and marketed by the corporation and the proceeds remitted into the Federation Account.
He informed that Equity Export receipts, after adjusting for Joint Venture, JV, Cash Calls, are paid directly into the Federation Account domiciled in Central Bank of Nigeria, CBN.
