GDP increase as Nigeria makes $2.5billion through oil and gas export

NNPC headquarter
Nigerian National Petroleum Corporation (NNPC), National Head office

The Nigerian National Petroleum Corporation (NNPC) disclosed that Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion.

This disclosure was made in the Nigerian National Petroleum Corporation (NNPC) 2017 financial report released at the weekend, from the report it was stated that the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Call in line with the 2016 Approved Budget 2017.

The report further disclosed that Nigeria share of the Joint Venture Cash Call (JVCC) based on equity holding fell short of the 2016 appropriated amount of $8.64 billion, due to a twin effect of oil production disruption/ vandalisation in Niger-Delta and low crude oil prices during the year.

It was also disclosed as by the Nigerian National Petroleum Corporation (NNPC) that “A total export sale of $361.95 million was recorded in March 2017. This is $98.84 million higher than the preceding month’s performance. Crude oil export sales contributed $255.50 million of the dollar transactions compared with $157.65 million contribution in the previous month.”

A total value of ₦206.42 billion was collected as sales revenue for white products sold by PPMC in March 2017, compared with ₦179.81billion collected.

Total revenues generated from the sale of white products for the period March 2016 to March 2017 at ₦1,611.09 billion where Premium Motor Spirit (PMS) contributed about 85.11 per cent of the revenues collected with a value of ₦1.371.14 billion.

That the domestic crude oil and gas receipt during the month amounted to N134.96 billion, consisting of N2.28 billion from domestic gas, N0.18 billion from other miscellaneous receipt and the sum of N132.50 billion from domestic crude oil.

Out of the Naira receipt, NNPC added that the sum of N46.46 billion was transferred to JVCC being a first line charge, and to guarantee continuous flow of revenue stream to the Federation Account.

It was also stated in the released report that Nigerian National Petroleum Corporation (NNPC) transferred the sum of N88.49 billion (including N2.46 billion from Gas receipts) into the Federation Account during the month under review from the net domestic crude oil receipt of N132.50 billion, while the balance of N46.46 billion was used to fund the Joint Venture Cash Call (JVCC) account as cost of production.

It was further earmarked that the final 32nd instalment of the refund to FG of N6.33 billion was transferred. During the one year period, the Federation Account, JVCC, and the Federal Government received the sum of N772.52 billion, N512.09 billion and N82.30 billion respectively.

It was further disclosed that the increase in revenue was founded upon conducive environment and the Nigerian Petroleum Development Company (NPDC) crude oil exports revenue by 86 per cent.

The Nigerian Petroleum Development Company (NPDC) is the upstream (exploration and production) arm of the Nigerian National Petroleum Corporation (NNPC).

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