Remittances into the Federation Account Allocation Committee (FAAC) by the Nigerian National Petroleum Corporation (NNPC) in the last one year stood at about N1.7 trillion. The remittance period covered February 2019 and February 2020.
Figures from the national oil company’s full monthly financial report revealed that the NNPC also remitted N148.53 billion to FAAC in February 2020.
In dollar terms, the NNPC noted that it recorded a total export of $370.69 million in February, a decrease of 14.75 per cent compared to the previous month.
It added that crude oil export sales contributed $281.14 million (75.84 per cent) of the dollar transactions compared with $336.65 million contribution in the previous month; while the export gas sales amounted to $89.55 million in the month.
“In February 2020, NNPC remitted the sum of N148.53 billion to the Federation Account Allocation Committee (FAAC). From February 2019 to February 2020, total NNPC remittances to FAAC is N1.706 trillion; out of which federation and JV received the sum of N763.35 billion and N942.80 billion respectively.
“A total export sale of $370.69 million was recorded in February 2020; decreasing by 14.75 per cent compared to last month. Crude oil export sales contributed $281.14 million (75.84 per cent) of the dollar transactions compared with $336.65 million contribution in the previous month; while the export gas sales amounted to $89.55 million in the month.
“February 2019 to February 2020 crude oil and gas transactions indicated that crude oil & gas worth $5.19 billion was exported”, the report said.
The NNPC put total export receipt at $282.32 million for February 2020 as against $626.80 million in January 2019, stating that contribution from crude oil amounted to $171.24 million while gas and miscellaneous receipts stood at $85.65 million and $25.43 million respectively.
“Of the export receipts, $161.39 million was remitted to the Federation Account while $120.93 million was remitted to fund the JV cost recovery for the month of February 2020 to guarantee current and future production.
“Total export crude oil and gas receipt for the period of February 2019 to February 2020 stood at $5.38 billion. Out of which the sum of $3.70 billion was transferred to JV Cash Call as first line charge”, it stated.
