NNPC Pays $607.8M To Federal Account

The Nigerian National Petroleum Corporation (NNPC), has opened its books for public scrutiny.

In the current report published by the management of the corporation, a total of 607.8 million Dollars is said to have been paid into the Federation Account this year.

A further breakdown indicated that the total export Crude Oil and Gas receipts for the period of January to August 2015 is 3.420 billion Dollars.

Of the total amount, the sum of $0.61bn was remitted to the Federation Account while the balance-$2.81bn- was said to have been used to fund the JV cash call for the period.

The Nigerian National Petroleum Corporation, NNPC, has announced a loss of N378.49 billion in its operations for the first eight months of the year.

One of NNPC’s subsidiaries, the Products and Pipeline Marketing Company Limited, PPMC, accounted for majority of the losses, as it spent over N300 billion on subsidy and in the repairs and management of its pipelines between January and August.

In the figures presented by NNPC’s Monthly Financial and Operations Report for August, obtained over the weekend, NNPC posted a loss of N60.669 billion and N51.714 billion for the months of July and August, respectively.

The loss resulted from expenses being higher than its revenue in the period under review.

Specifically, NNPC recorded a total revenue of N1.17 trillion, lower than an expenditure of N1.55 trillion, leaving a deficit of N378.49 billion.

The heavy losses were as a result of the lacklustre financial performance of majority of the NNPC subsidiaries in the eight-month period, especially the refineries and retail subsidiaries.

Particularly, Kaduna, Port Harcourt and Warri refineries companies posted a combined loss of N48.92 billion, while NNPC Retail and PPMC recorded a combined loss of N275.16 billion.

Revenue from oil, gas

It also stated that from January to July, a total volume of 439 million barrels of crude oil and condensate were lifted by all parties.

The report said: “Total US dollar payment to the Federation from sales of export crude oil, gas and NLNG feedstock for the month of August was $225.7 million.

This report is in line with the earlier promise made by the NNPC Group Managing Director, Ibe Kachikwu, to make all spending and revenue public .

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