Nigeria Earns $2.5bn From Oil, Gas Exports Over 12 Months – NNPC

Nigeria Earns $2.5bn From Oil, Gas Exports Over 12 Months – NNPC

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

NNPC, which made this disclosure in its latest financial report released at the weekend, said the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Calls in line with the 2016 approved budget and pending 2017 budget approval.

NNPC explained: “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.”

The Corporation disclosed that 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 a month earlier.

It put the 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.

It revealed that trading deficit, which has characterised the Corporation’s operations for some time, as a result of massive disruption and sabotage of its facilities, recorded a huge drop from N14.12 billion in February to just about N5.62 billion.

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