NNPC Remits $285m To Federation Account In 6 Months

NNPC Remits $285m To Federation Account In 6 Months

The Nigerian National Petroleum Corporation (NNPC), remitted $284.724 million to the Federation Account between January and June 2017 from its crude oil and gas export proceeds, Vanguard reports.

According to its Monthly Financial and Operations Report for June 2017, the NNPC recorded total crude oil and gas export receipt of $1.353 billion from January to June 2017; $1.068 billion was utilized for Joint Venture Cash Call funding, the remaining 21.064 per cent of the total amount was transferred to the Federation Account.

Specifically, the report showed that the remittances were made only in the months of March, May and June, while no remittances were made to the Federation Account in January, February and April 2017. Its group operating revenue stood at N295.75 billion in June 2017, dropping by 4.25 per cent from N308.87 billion recorded in the previous months.

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