NNPC Publishes its Financial Report

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Ohi Alegbe

THE Nigerian National Petroleum Corporation, NNPC, has commenced the monthly publication of its provisional financial and operational reports for public scrutiny. A statement signed by Ohi Alegbe, group general manger, Group Public Affairs Division, NNPC, on Sunday, October 11, said the publication provided an overview of NNPC’s operations from January to August 2015.

The statement said the report also provided a detailed and unprecedented statistical insight into crucial aspects of the corporation’s activities. According to the statement, the report captured detailed activities in the national crude oil and natural gas production.

It also highlighted details of oil lifting and utilisation, refineries plants operations, petroleum product supply, distribution and also NNPC’s budget performance report, federation crude oil and gas revenue. It said the report vividly threw light into aspects of NNPC’s operations that were once described as ‘opaque’.

The report stated that the status of the JP Morgan foreign account, management and custody of revenue from crude oil sales, actual production capacity of the refineries were detailed in the report. It also noted that the dollar accruals to NNPC and the federal government from export of crude oil and gas, as well as receipts and payments are also captured in the report..

It indicated that $607.8 million has been paid so far to the Federation Accounts Allocation Committee, FAAC, this year 2015 from sales of export oil and gas as dollar proceeds. It said that the report showed that the total export of crude oil and gas receipt for the period of January to August 2015 was $3.420 billion..

The report noted that from the total receipts, the sum of $0.61 billion was remitted to Federation Account as dollar proceeds while the balance of $2.815 billion was used to fund the Joint Venture, JV, cash call for the period. It said that the receipts witnessed a sharp decline of more than 67 per cent from September 2014, when the receipt was at its peak to July 2015 with dire consequences to the Federation.

The statement noted that the continued decline in oil price resulted in  insufficient cash being available to meet monthly JV cash calls obligations of about $615.8 million as appropriated by the National Assembly. According to the statement, NNPC was compelled to sweep all the export receipt to JV cash to the Federation Account since the month of April 2015.

The statement also noted that the sum of N723.82 billion for domestic crude oil and gas sales proceeds had also been paid to the Federation Account from January to August 2015 as naira proceeds.

—  Oct 12, 2015 @ 12:00 GMT

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