NNPC pays N85bn into Federation Account – Report

The Nigerian National Petroleum Corporation (NNPC) says it has paid N85.96 billion into the Federation Account for Jan. 2016.

This is contained in its Monthly Operations and Financial Report for January, released in Abuja yesterday.

The corporation said it made the payment in spite of recording a loss of N3.55 billion in the same month.

It also said it paid N1.05 trillion into the Federation Account from February 2015 to January 2016.

Giving a breakdown of the amounts transferred in January, NNPC said N85.077 billion was from the sale of crude oil while N880.3 million was receipts from gas sales.
It said the corporation posted a loss of N3.55 billion, compared to a loss of N11.86 billion recorded in December  2015.
According to the report, NNPC’s loss-making performance was triggered by a drop in its revenue from N184.4 billion recorded in Dec. 2015 to N130.86 billion in Jan. 2016.
The corporation said it recorded expenditure of N134.41 billion in the month under review compared to N196.26bn in December 2015.
It also revealed that the Nigerian Petroleum Development Company, (NPDC), recorded a profit of N3.958 billion.
The Nigerian Gas Company, NNPC Retail and the Pipeline Products Marketing Company, PPMC, recorded profits of N3.94 billion, N477 million and N2.25 billion respectively.
It listed Integrated Data Services Limited, IDSL, National Engineering Technical Company, NETCO in loss category with losses of N557 million and N215million respectively.

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