NNPC Generated 102 Billion Naira in June, Paid 55.96 Billion into Federation Account
Around N102 billion was obtained as revenue and 55.96 billion accrued to the Federation Account for the month of June 2016 by the NNPC, according to the corporation’s financial report for the said month. The financial report was released on Sunday and revealed the ‘NNPC transferred the sum of N55.96 billion into the Federal Account during the month under review from the net domestic crude oil receipts of N102.68 billion
Other highlights of the financial report include a deficit of N26.51 billion for the corporation’s operations for the month as well as a remittance of N6.33 billion to the Federal Government as part of the refund due by the corporation.
According to the financial statement, the deficit accrued was significantly as a result of a reduction of sales of petroleum products arising from vandalized pipelines as well as a simultaneous increase in costs of distribution.
Analysis of the report shows crude oil exports represented 68.89% of the total export revenue, while gas exports were responsible for $66.56 million. In total, crude oil contributed about $163.6 million to the total revenue as compared to $49.12 million from gas and $6.55 million from other sources.
Additional information on the contents of the report can be found here.