Nigeria’s August Oil Revenue Increased by $78m, Declares NNPC

Chineme Okafor in Abuja

The Nigerian National Petroleum Corporation (NNPC) wednesday said the amount of revenue from its sale of crude oil and gas in August 2018 was $470 million, representing an increase of about $78 million from the $391.91 million it earned in July.

The corporation in a statement from its Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, explained in Abuja that this was contained in the August edition of its Monthly Financial and Operations Report.

It stated that crude oil export sales contributed $337.62 million which represented 71.83 per cent of the dollar transactions for the period as against the $283.43 million contribution it made in the July revenue.

It also said export gas sales during the period amounted to $132.38 million, adding that the worth of the crude oil and gas volumes it exported between August 2017 and August 2018, was $5.26 billion.

According to NNPC, a total export receipt of $450.24 million was however recorded in August 2018 as against $382.65 million in July 2018.

It added that the contributions of crude oil in this receipts during the period amounted to $336.43 million, while gas and miscellaneous receipt stood at $101.33 million and $12.48 million respectively.

A further breakdown of the figures by the corporation showed that out of the export receipts, $142.31 million was remitted to the Federation Account, while $307.93 million was remitted to fund the Joint Venture (JV) cost recovery for the month of August, 2018 to guarantee current and future production.

It said that total export crude oil and gas receipt for the period August 2017 to August 2018 stood at $5.23 billion out of which $3.74 billion was transferred to JV cash-call as first line charge and the balance of $1.49 billion paid into the Federation Account.

On naira payments to the Federation Account, the NNPC informed that it transferred N128.40 billion into account in the month under review. It was also explained that between August 2017 and August 2018, the Federation Account and JV received N879.02 billion and N651.4billion respectively.

It said as regards its remittances, that the federation crude oil and gas revenue and federation crude oil and gas lifting, are broadly classified into equity export and domestic crude which are lifted and marketed by it and the proceeds remitted into the Federation Account.

NNPC further informed that equity export receipts, after adjusting for JV cash-calls, are paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).

It also noted that domestic crude oil of 445,000 barrels per day (bd) was allocated for refining to meet domestic products supply, and payments were effected to the Federation Account by it after adjusting crude and product losses, as well as pipeline repairs and management costs incurred during the period.