Africa Press-Nigeria:
Crude oil export sales by the Nigerian National Petroleum Corporation (NNPC) recorded a decrease of 66.95 per cent in July compared to June 2020, the full issue of the corporation’s monthly financial and operation report has indicated.
However, the national oil company explained that despite the shortfall, the crude oil export sales contributed about 65 per cent of the dollar transactions in the month under consideration.
It stated that in July, the corporation remitted N70 billion to the federation account while total export receipt fell considerably to $122.44 million as against $378.42 million in June 2020.
According to the corporation, “A total export sale of $84.63 million was recorded in July 2020, decreasing by 66.95 per cent compared to the month of June.
“Crude oil export sales contributed $55.29 million (65.34 per cent) of the dollar transactions compared with $219.58 million contribution in the previous month.
“While the export gas sales amounted to $29.33 million in the month, the July 2019 to July 2020 crude oil and gas transactions indicated that crude oil and gas worth $3.91 billion was exported.”
NNPC added: “In July 2020, the corporation remitted the sum of N70.15 billion to the Federation Account Allocation Committee (FAAC).
“From July 2019 to July 2020, the total NNPC remittances to FAAC is N1,867.09 billion, out of which the federation and JV with government priority projects received the sum of N821.37 billion and N1,045.72 billion respectively.”
