NNPC Remits N1.7trln to FAAC In 12 months

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Nigerian National Petroleum Corporation (NNPC) has said that it paid about N1.7 trillion to the Federation Account Allocation Committee (FAAC), between February 2019 and February 2020.
In the national oil company’s full monthly financial report released on Tuesday, the company stated that it remitted N148.53 billion to the FAAC in February 2020.

The report said that in the same February, the NNPC recorded a total export of $370.69 million, indicating a decrease of 14.75% compared to the previous 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.

“In February 2020, NNPC remitted the sum of N148.53 billion to the 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 financial report said.

The report also put total export receipt at $282.32 million for February 2020 as against $626.80 million in January 2019, pointing out 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.

The corporation said that in January 2020, total crude oil production in Nigeria increased by 3.46 mb or 5.69 per cent at 64.26 mb with daily average of 2.07 mb/d.

However, it added that “production was disrupted by the shutdown of the TFP at Forcados for repairs while Bonny NCTL was shut down due to leaks on ROW near Boro /Awoba axis.

“Production was also interrupted at Bonga, Egina, Brass, Erha, Usan, Amenam, Ogo Ocha and Ima terminals due to lube oil loss, pump issues, loss of power, riser protector replacement, pipeline repairs, and flare management.”

Chibisi Ohakah, Abuja


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