NIGERIAN National Petroleum Corporation (NNPC) says it made gross receipts of N281,745,463,616.80 ($345,683,662.11) from the crude and export sales in December 2018 but eventually remitted N42,829,592,675.94 into the federation account shared in January 2019. Of the total income, however, NNPC paid N110,087,371,214.23 to its joint venture (JV) partners for cost their cost recovery and spent another N50,831,456,510.84 as subsidy. Other deductions include pipeline management cost (N3.666 billion), pipeline, operations repair and maintenance cost (N8.044 billion) making a total of N13.874 billion. In the same vein, NNPC kept N5.067 to augment for crude oil and product losses thus bring total deductions to N174.793 billion according to the document. “The low PMS under-recovery is due to decline in international crude oil prices and freight rate in November 2018, which pushed pms landing cost down.

Source: Nigerian Tribune February 06, 2019 19:07 UTC