NNPC Remits N1.7tn to FAAC in One Year

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Top management staff affected in NNPC shake-upThe Nigerian National Petroleum Corporation (NNPC) paid about N1.7 trillion to the Federation Account Allocation Committee (FAAC), between February 2019 and February 2020, the national oil company has said.

Figures from its full monthly financial report revealed that the NNPC also remitted N148.53 billion to FAAC in February 2020.
In dollar terms, the NNPC noted that it recorded a total export of $370.69 million in February, a decrease of 14.75 per cent compared to the previous month.

It added that crude oil export sales contributed $281.14 million (75.84 per cent) of the dollar transactions compared with $336.65 million contribution in the previous month; while the export gas sales amounted to $89.55 million in the month.
“In February 2020, NNPC remitted the sum of N148.53 billion to the Federation Account Allocation Committee (FAAC). From February 2019 to February 2020, total NNPC remittances to FAAC is N1.706 trillion; out of which federation and JV received the sum of N763.35 billion and N942.80 billion respectively.

“A total export sale of $370.69 million was recorded in February 2020; decreasing by 14.75 per cent compared to last month. Crude oil export sales contributed $281.14 million (75.84 per cent) of the dollar transactions compared with $336.65 million contribution in the previous month; while the export gas sales amounted to $89.55 million in the month.

“February 2019 to February 2020 crude oil and gas transactions indicated that crude oil & gas worth $5.19 billion was exported”, the report said.

The NNPC put total export receipt at $282.32 million for February 2020 as against $626.80 million in January 2019, stating that contribution from crude oil amounted to $171.24 million while gas and miscellaneous receipts stood at $85.65 million and $25.43 million respectively.

“Of the export receipts, $161.39 million was remitted to the Federation Account while $120.93 million was remitted to fund the JV cost recovery for the month of February 2020 to guarantee current and future production.

“Total export crude oil and gas receipt for the period of February 2019 to February 2020 stood at $5.38 billion. Out of which the sum of $3.70 billion was transferred to JV Cash Call as first line charge”, it stated.

According to the corporation, global oil demand growth in 2019 as revealed in the OPEC MOMR, decreased by 0.08 mb/d compared to last January’s assessment; to grow at 0.83 mb/d and reach 99.67 mb/d.

For the month under review, it said the OPEC crude oil production declined by 546 tb/d month-on-month to average 27.77 mb/d, while globally, oil supply in the month decreased by 0.29 mb/d m-o-m to average 99.75 mb/d, but increased by 0.78 mb/d year-on-year.

For the oil sector, it stated that real growth stood at 6.36 per cent (year-on-year) in Q4 2019, indicating 7.98 per cent points increase in comparison to the equivalent quarter of 2018.

The corporation said that in January 2020, total crude oil production in Nigeria increased by 3.46 mb or 5.69 per cent at 64.26 mb with daily average of 2.07 mb/d.

However, it added that “production was disrupted by the shutdown of the TFP at Forcados for repairs while Bonny NCTL was shut down due to leaks on ROW near Boro / Awoba axis.

“Production was also interrupted at Bonga, Egina, Brass, Erha, Usan, Amenam, Ogo Ocha and Ima terminals due to lube oil loss, pump issues, loss of power, riser protector replacement, pipeline repairs, and flare management.”

It stated that the release of the report was in line with the corporation’s commitment to becoming more accountable, responsive, transparent and a fact-based organisation.


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