NNPC - Nigeria Rakes In $2.45b From Oil, Gas Export Over 12 Months

The Nigerian National Petroleum Corporation (NNPC) said in its May Financial and Operations Report that it

raked in a total of $2.45billion from the export of crude oil and gas from May 2016 to May 2017

From the total export receipt, NNPC transferred $2.18billion to the Joint Venture Cash Call (JVCC) in accordance with the Budget and Exit of the JVCC. The report added that the corporation transferred the balance of $0.27billion to the Federation Account.

According to the report, a total export sale of $272.74 million was recorded in May, 2017. The sale, said the report, was $114.71 million higher than the preceding month’s performance of $158.03million when crude oil export sales contributed $133.81 million (or 49.06%) of the dollar transactions compared with $71.81million contribution in the previous month. The NNPC noted that the export gas sales amounted to $138.93million in the month.