Nigeria’s national oil company NNPC remits N56.2bn in Federation Account

09 Jun 2016
Financial Nigeria

Summary

NNPC said it has so far paid N933.12 billion into the Federation Account between March 2015 and April 2016.

Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum and Group Managing Director, NNPC

The Nigerian National Petroleum Corporation (NNPC) released its monthly report on Wednesday, showing that it remitted N56.2 billion into the Federation Account in April as revenues from the sales of crude oil and gas.

The April remittance is 19.2 percent lower than the N69.54 billion remitted into the Federation Account in the previous month. The NNPC said it has so far paid N933.12 billion into the Federation Account between March 2015 and April 2016.

NNPC said its operating revenue in April fell 5 percent to N102.45 billion as against N107.83 billion recorded in the previous month. In the 12 months starting from May 2015 to April 2016, NNPC said it generated N1.79 trillion as operating revenue.

Similarly, operating expenditure fell 3.8 percent to N121.87 billion in April as against N126.72 billion in March. In the 12 months starting from May 2015 to April 2016, NNPC said operating expenditure stood at N2.06 trillion.

The national oil company said operational losses increased in April by 2.83 percent to N19.43 billion compared to N18.89 billion reported in March. NNPC attributed the rise in operational losses in April to the slight decline in revenue generation caused by a decrease in sales of petroleum products by the Pipelines and Products Marking Company (PPMC).

Revenue from the sales of petroleum products fell 7.11 percent to N79.5 billion in April as against N85.66 billion recorded in March.

“Losses were incurred by PPMC, being the sole supply of last resort, in its drive to bridge the petroleum products supply gap as acute shortage which compelled PPMC to sometime engage in a commercially unfavourable short term arrangements,” the NNPC said.

Total export proceeds from NNPC’s joint ventures stood at $300.59 million in April as against $141.87 million in March. A breakdown of the joint venture receipts shows that crude oil export amounted to $164.40 million while Liquefied Petroleum Gas (LPG) and Escravos Gas-to-Liquids (EGTL) amounted to $131.17 million, while miscellaneous receipts were $5.02 million.

NNPC attributed the improvement in total exports to the arrears of sales from the feedstock of the Nigerian Liquefied Natural Gas Company (NLNG) received in April 2016.

Despite the slight improvement, NNPC said Nigeria’s total exports have been impacted by the shut-in at Forcados terminal following a force majeure declared by the Shell Petroleum and Development Company on February 15th. The terminal has capacity of 380,000 barrels of oil per day.

NNPC said all un-lifted cargoes for February and March Cargoes have been deferred until the repair work on the terminal is completed.


Other Photos/Videos

Advertisement