N128bn was paid into federation account in August – NNPC

The Nigerian National Petroleum Corporation said it transferred the sum of N 128 . 40 billion into the federation account in August , 2018 .The Corporation disclosed this in its monthly Financial and Operational report released in Abuja on Wednesday .

It said that between August 2017 and August 2018 , the federation and joint ventures received the sum of N 879 . 02 billion and N 651 . 4 billion respectively .

The NNPC explained that the Federation Crude Oil and Gas Revenue , Federation Crude Oil and Gas lifting , were classified into Equity Export and Domestic crude .

It explained that this crude was lifted and marketed by the corporation and the proceeds remitted into the Federation Account .

It noted that Equity Export receipts , after adjusting for Joint Venture Cash Calls , were paid directly into the Federation Account domiciled in Central Bank of Nigeria .

The corporation explained that domestic crude oil of 445 , 000 barrel per day was allocated for refining to meet domestic products supply , and payments were effected to the Federation Account by NNPC .

This , it said was done after adjusting crude and product losses and pipeline repairs and management costs incurred during the period .

On the crude oil and gas export sales, the report noted that sales for the month of August stood at 470 million dollars .

According to the report , the sales indicate an upsurge of about 78 million dollars in relation to July oil and gas export figures of 391 . 91 million dollars .

It further indicated that crude oil export sales contributed 337 . 62 million dollars which represented 71 . 83 per cent of the dollar transactions compared with 283 . 43 million dollars contribution in the previous month .

“ Export gas sales during the period amounted to 132 . 38 million dollars .

“ The August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth 5 . 26 billion dollars , ” it said .

The report explained that based on the above sales figures , a total export receipt of 450 . 24 million dollars was recorded in August 2018 as against 382 . 65 million dollars in July 2018 .

“ Contribution from crude oil during the period , amounted to 336 . 43 million dollars , while gas and miscellaneous receipt stood at 101 . 33 million dollars and 12 . 48 million dollars respectively , ” the report noted .

A further breakdown of the figures showed that out of the export receipts , 142 . 31 million dollars was remitted to the Federation Account .

The sum of 307 . 93 million dollars 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 dollars out of which 3 . 74 billion dollars was transferred to JV Cash Call as first line charge and the balance of 1 . 49 billion dollars paid into the Federation Account , ” it added .

( NAN )

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