NNPC remits N153.01bn to federation account
The Nigerian National Petroleum Corporation (NNPC) says it transferred N153.01 billion into the federation account in January.
NNPC, which is the Oil Corporation through which the federal government of Nigeria regulates and participates in the country’s petroleum industry, disclosed this in its Financial and Operations Report for the month of January released in Abuja on Sunday.
“Within the period under focus, NNPC transferred N153.01 billion into the Federation Account.
“Cumulatively, from January 2018 to January 2019, Federation and JV received N905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts.’’
The corporation also made a trade surplus of N15.04billion for January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019.
It attributed the positive financial position to the improved performance of NNPC’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC) which recorded surplus numbers in spite of reduced operational activities in the month.
The report submitted that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of Crude oil per day.
The report noted that this has made achieving 500,000bpd production by 2020 plausible.
According to the report, the NPDC’s position contrasts with the high expenditure levels posted by two other entities of the NNPC: Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit.
In terms of sales and remittance of crude oil and gas proceeds, the corporation recorded total export receipts of 381.70 million dollars in the month under review as against 345.68 million dollars posted in December 2018.
