News

February 1, 2021

NNPC remittance to FAAC falls 19% to N72bn

NNPC deductions from Federation Account rise 40.5% to N883.56bn in Q1’22

By Obas Esiedesa

Remittance by the Nigerian National Petroleum Corporation, NNPC, to the Federal Accounts and Allocation Committee, FAAC, for the month of December 2020 fell by 19.05 percent to N72 billion compared to N88.95 billion remitted in November 2020.

A report by the corporation which it presented during FAAC meeting on Jan. 20 showed that crude oil export receipt for December was $37.13 million or N14.07 billion, a decrease of 49.3 percent compared to November.

According to the report, domestic gas receipt for the month amounted to N6.6 billion while feedstock valued at $43.74 million was sold to NLNG during the period out of which $39.64 million was received during the month.

NNPC reported that the sum of $28 million “being miscellaneous receipts, gas and haulage fees and interest income was received in December”.

READ ALSO: NNPC records 92% increase in sales of petroleum products in October

The report showed that total gross revenue from oil and gas for the month was N183.72 billion, a decline of 17.37 percent from the N222.34 billion reported in November. Deduction for Joint Venture cost recovery was N91.47 billion in December, compared to N103.04 billion recorded in November, a drop of 11.23 percent.

The report showed that NNPC profit transferred to the Federation Account rose by 12.7 percent to N25.67 billion in December as against the N22.78 billion transferred in November.

Vanguard News Nigeria