About 40 per cent of the proceeds from oil and fuel exports and home gross sales in January have been spent on three way partnership property and precedence initiatives, in response to the Nigerian Nationwide Petroleum Company.
The NNPC spent N83.29bn on JV property being developed via joint ventures with non-public companies in addition to precedence initiatives in January.
A complete income of N209.54bn was generated from oil and fuel exports and home gross sales in January, the NNPC information confirmed.
The NNPC, which represents the Federal Authorities within the JVs has an obligation to make money name cost for the event of the property.
The nation’s oil and fuel manufacturing construction is majorly cut up between the JV (onshore and in shallow waters) and the Manufacturing Sharing Contracts in deepwater offshore.
Underneath the JV association, each the NNPC and the non-public companies contribute to the funding of operations within the proportion of their fairness holdings and customarily obtain the produced crude oil in the identical ratio.
The NNPC transferred $80.32m (N30.44bn) to the JV money name account as first line cost in January, whereas N52.85bn went to JV price restoration and authorities precedence initiatives, in response to information obtained from the company.
The NNPC mentioned complete export receipt of $108.75m was recorded in January 2021 as towards $125.25m in December 2020.
It mentioned proceeds from crude oil amounted to $24.32m whereas fuel and miscellaneous receipts stood at $66.28m and $18.15m respectively.
The company mentioned, “Of the export receipts, $28.43m was remitted to the Federation Account whereas $80.32m was remitted to fund the JV price restoration for the month of January 2021 to ensure present and future manufacturing.
“Whole export crude oil and fuel receipt for the interval January 2020 to January 2021 stood at $2.73bn; out of which the sum of $1.58bn was transferred to JV Money Name as first line cost and the stability of $1.15bn was paid into Federation Account.”
Proceeds from the sale of home crude oil and fuel rose to N168.32bn in January from N136.25bn in December, out of which N52.86bn was transferred to the JVCR.
“In January 2021, NNPC remitted the sum of N163.63bn to the Federation Account Allocation Committee. From January 2020 to January 2021, complete NNPC remittances to FAAC is N2.10tn; out of which Federation and JV with authorities precedence initiatives obtained the sum of N850.63bn and N1.04tn respectively,” it mentioned.
All rights reserved. This materials, and different digital content material on this web site, will not be reproduced, revealed, broadcast, rewritten or redistributed in entire or partially with out prior categorical written permission from PUNCH.
Contact: [email protected]