The Nigerian National Petroleum Corporation, NNPC, says it transferred N153.01 billion into the federation account in January.
The corporation 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,’’ NNPC said in the report.
The corporation also said that it made a trade surplus of N15.04 billion 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 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 NNPC, the 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 a total export receipts of 381.70 million dollars in the month under review as against 345.68 million dollars posted in December 2018.
A breakdown of the numbers indicated that contributions from crude oil amounted to 269.43 million dollars, while gas and miscellaneous receipts stood at 111.75 and 0.52 million dollars.
On petrol supply, 1,998.61 million litres of petrol was supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) crude-for-product arrangement in the month under review..
The number was slightly higher than the 1,789.20million litres of petrol supplied in the month of December 2018. (NAN)
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