Shell Energy Entrepreneurs banner Yudala banner
NNPC pays N69bn into Federation Account

By News Express on 09/05/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,165


The Nigerian National Petroleum Corporation (NNPC) has paid the sum of N69.544 billion into the Federation Account in March.

This is contained in the corporation's monthly financial report for March released in Abuja.

It said that amount had brought the total amount paid to the Federation Account for Domestic Crude Oil and Gas and other receipts from April 2015 to March 2016 to N1.118 trillion.

It added that NNPC also recorded N107.826 billion revenue in the month of March against N104.804 in February.

It said that the revenue rose marginally by 2.88 per cent, adding that the expenses of the corporation dipped by 12.92 per cent to N112.368 billion from N129, 034 billion recorded in previous month.

According to the report, the corporation also made a loss of N18.89 billion in the month under review.

It said the loss was an improvement from a deficit of N24.23 billion recorded in February.

A breakdown of the financial performance of its subsidiaries showed that the Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million, respectively.

It reported that the Nigerian Gas Company recorded a profit of N5.155 billion.

“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million, respectively, while the PPMC recorded a deficit of N923 million.”

The report said that the deficit recorded by NPDC in February and March 2016 were due to production shut-in occasioned by vandalism of Forcados Export Line.

This, it said resulted to the loss of its entire revenue from crude oil sales of about N20 billion.

The report also put the combined value of output by the three refineries at import parity price in March 2016 at N22.93 billion, while the associated Crude plus freight cost was N20.02 billion.

It said that this gave negative margin of N3.95 billion after considering overhead of N6.87 billion.

The report also said that a total of N85.66 billion was collected as sales revenue from white products sold by PPMC in the month of March 2016 compared with N85.23 billion collected in the previous month.

“Total revenues generated from the sales of white products for the period April 2015 to March 2016 stands at N775.90 billion where PMS contributed about 88.85 per cent of the revenues collected with a value of N689.41 billion.”

The NNPC recorded total export proceeds of 170.12 million dollars in the month under review with crude oil export accounting for 98.31 million dollars, while gas export accounted for 71.81 million dollars.

On dollar payments to Joint Venture Cash Call, it said total export proceeds of 141.87 million dollars were recorded in March, 2016 consisting of crude oil receipt of 88.36 million dollars.

It added that Liquefied Petroleum Gas (LPG) and Escravos Gas to Liquid (EGTL) recorded proceed of 1.52 million dollars and Miscellaneous receipts amounting to 51.99 million dollars.

“The drastic slump in total export receipt is largely due to shut in of about 300,000 barrel of oil per day (bopd) at Forcados Terminal following the force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016.

“Hence, all un-lifted February and March cargoes were deferred until the repair is completed.” (NAN)

•Photo shows NNPC Headquarters.

Source News Express

Posted 09/05/2016 04:27:57 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
REVEALED: How police released Evans after he was...

Anambra establishes anti-graft desk in MDAs

Nigeria to export rice from 2017 •Bag of...

Pastor, pregnant wife, children, landlady die mysteriously

Scientists use stem cells to regrow spinal cords...

Today’s Weather: NiMET forecasts cloudiness and localised thunderstorms,...

Anglican Primate leads 160 Bishops to Anambra to...

NAF trains war officers on social media ethics...

N6.5 billion fraud: Trial of CBN officials starts...

Minimum wage negotiation: Workers running out of patience...

Keke operators write Okorocha, seek extension of time...

TB Joshua converts controversial South African pastor who...

 

Latest News Why I am slow in making decisions — Buhari Eagles down Libya, zoom to top of CHAN group Nurses blame Buhari over fresh Lassa fever outbreak, deaths Soldiers arrest 84 foreigners at Abuja checkpoint Medical superintendent sacked over alleged theft of beds APC uncovers PDP’s plot to divide party US Senate moves to avert government shutdown Navy destroys 150 illegal refineries in 7 months No Red Cross boxes containing millions of dollars in Nigeria: Anti-graft agencies How NEITI saved extractive sector from collapse — Senate Committee Oyo Govt. to appeal sack of 21 new obas Sunny, hazy, cloudy skies expected Saturday, says NiMet

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (315,443 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (305,382 views) Shameless Genevieve Nnaji exposes breasts in public (244,827 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,486 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,151 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,419 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,564 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,805 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,061 views) Lagos plane crash: Journalist releases victims’ names (124,509 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,734 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,966 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,745) Interviews (139) Live Commentary (28) Love Matters (100) News (32,021) Opinion (865) Pidgin (10) Politics (4,357) Religion (666) Sports (1,407) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!