How NNPC spent $4.41bn revenue in one year

More facts have emerged on how the Nigerian National Petroleum Corporation (NNPC) raked in $4 41 billion total export crude oil and gas receipt for the period of July 2019 to July 2020, and spent the amount.

A document of the corporation sighted by New Telegraph showed that out of the revenue, the sum of “$2.73 billion was transferred to Joint Venture (JV) Cash Call as first line charge and the balance of $1.68 billion was paid into federation account.” Crude oil export sales by the corporation also recorded a decrease of 66.95 per cent in July compared to June 2020, the full issue of the corporation’s monthly financial and operation report has earlier indicated.

However, the national oil company explained that despite the shortfall, the crude oil export sales contributed about 65 per cent of the dollar transactions in the month under consideration.

It stated that in July, the corporation remitted N70 billion to the federation account while total export receipt fell considerably to $122.44 million as against $378.42 million in June 2020. According to the corporation, “a total export sale of $84.63 million was recorded in July 2020, decreasing by 66.95 per cent compared to the month of June. “Crude oil export sales contributed $55.29 million (65.34 per cent) of the dollar transactions compared with $219.58 million contribution in the previous month.

“While the export gas sales amounted to $29.33 million in the month, the July 2019 to July 2020 crude oil and gas transactions indicated that crude oil and gas worth $3.91 billion was exported.”

NNPC added: “In July 2020, the corporation remitted the sum of N70.15 billion to the Federation Account Allocation Committee (FAAC). “From July 2019 to July 2020, the total NNPC remittances to FAAC is N1.867 billion, out of which the federation and JV with government priority projects received the sum of N821.37 billion and N1.045 billion respectively.” On dollar payments to JV cost recovery, it disclosed that total export receipt of $122.44 million was recorded in July 2020 as against $378.42 million in June 2020, noting that contribution from crude oil amounted to $54.98 million while gas and miscellaneous receipts stood at $27.72 million and $39.74 million respectively.

“Of the export receipts, $67.45 million was remitted to the Federation Account while $54.98 million was remitted to fund the JV cost recovery for the month of July 2020 to guarantee current and future production.” In the downstream petroleum product distributions sector, NNPC noted that a total of 1,036.16 million litres of white products were sold and distributed by PPMC, its subsidiary, in the month of July 2020 compared with the 1,345.27 million litres in the month of June 2020. According to NNPC, “this comprised 1,021.53 million litres of petrol; 14.37 million litres of diesel, and 0.26 million litres of kerosene. There was no sale of special product in the month. “A total sale of white products for the period of July 2019 to July 2020 stood at 18,362.84 million litres, and petrol accounted for 18,243.77 million litres or 99.35 per cent.”

In July 2020, the NNPC said 1,374.95 million litres of petrol were supplied into the country through the Direct Sales Direct Purchase (DSDP) arrangement as against the 767.42 million litres of petroleum supplied in the month of June 2020.




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