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NNPC remits N219.16bn to Federation Account in one month

The Nigerian National Petroleum Corporation (NNPC) has suffered a 342 per cent surge in pipeline vandalism as its supply of Premium Motor Spirit (PMS), also known as petrol, gulped N116.09 billion in April.

The 57th edition of the MFOR indicated that in April 2020, NNPC remitted the sum of N219.16 billion to the Federation Account, reflecting the naira proceeds from the sale of domestic crude oil and gas.

The corporation, which revealed this in its April 2020 Monthly Financial and Operational Report (MFOR) release yesterday, added that it remitted N219.16 billion into the Federation Account for the month.

“In the period under review, 65 vandalised pipeline points were reported, a marked increase from the 19 points recorded in March 2020,” the report read.
This, according to a data compiled by New Telegraph, is a 342 per cent increase in just one month – between March and April.

The Atlas Cove-Mosimi stretch, the report read, accounted for 55 per cent, while Mosimi-Ore recorded 22 per cent and other locations make up for the remaining 23 per cent.
The report also indicated that in the downstream sector, a total of 940 million litres of PMS, translating to 31.37mn litres/day, were supplied for the month.
The price band for the month, according to Petroleum Products Pricing Regulatory Agency (PPPRA), stood at N123.50 per litre and the volume supply gulped N116.09 billion.
In terms of dollar receipts, an export receipt of $193.05 million was recorded in April 2020.

The corporation also announced an increase of 19.14 per cent in the average daily natural gas supply to power plants which translates to 788 million standard cubic feet of gas per day (mmscfd), equivalent to power generation of 2,873MW.

The NNPC, in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that “a total of 226.51billion Cubic Feet (BCF) of natural gas was produced in April 2020, translating to an average daily production of 7,786.17million Standard Cubic Feet per Day (mmscfd).”
The figure indicated an increase of 3.73 per cent at 226.51BCF, compared to output in March 2020.

Out of this figure, a total of 136.44BCF of gas was commercialized, consisting of 36.99BCF and 99.45BCF for the domestic and export market, respectively.
Out of the 1,233.01mmscfd of gas supplied to the domestic market in April 2020, about 787.70mmscfd, representing 63.88 per cent was supplied to gas-fired power plants, while the balance of 445.31mmscfd or 36.12 per cent was supplied to other industries.

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