Oil Exports: Nigeria’s revenue drops by 98% in April — NNPC

The Nigerian National Petroleum Corporation (NNPC) has disclosed that crude oil export proceeds drastically downed by 98 per cent in April, compared to March figure.

This was disclosed in a report that the total revenue from crude oil exports in April fell to N723million from the N35.72billion realized in March.

The report said, “No remittance to Federation Account in April for May 2021 FAAC due to recorded value shortfall resulting from difference between the landing cost and ex-coastal price of Premium Motor Spirit recorded in March 2021.”

NNPC further disclosed that Nigeria lifted 7.62 billion barrels of crude oil in March in view of 10.79 billion in February, and exported 66.67 million barrels.

The corporation further maintained that 1.52 million barrels per day production quota as agreed during the previous meeting of the Organization of the Petroleum Exporting Countries.

Domestic gas exports for the month amounted to N5.13billion as oil and gas revenues totalled N156.37billion, a reduction of 30.38 per cent from March revenues.

According to NNPC, “Feedstock valued at $54.6million was sold to the Nigeria LNG Limited during the period out of which $52.4million was received during the month, the difference being MCA obligations, gas reconciliation and credit notes.”

The report added that other receipts included $1.25million being miscellaneous receipts, gas and haulage fees and interest income was received in April 2021.”

It emphasised that “The sum of N61.97billion was deducted out of the total March value shortfall of N111.97billion. This is to make funds available for Joint Venture cost recovery to sustain the existing production level. The balance of N50billion will be deducted in subsequent months.”

“In addition, April value shortfall of N126.29billion is to be deducted from May Federation proceeds in June 2021 FAAC meeting.”