The Nigerian National Petroleum Corporation (NNPC), has begun it monthly publication of its provisional financial and operational reports for public scrutiny.
This is contained in a statement, signed by Mr Ohi Alegbe, the NNPC’s Group General Manger, Group Public Affairs Division on Sunday in Abuja.
It stated that the NNPC said that it had remitted $607.8 million into the Federation Account this year.
This is in line with the promise made by Dr Ibe Kachikwu, the Group Managing Director of the corporation, to make all spending and revenue public.
A breakdown of the remittances indicated that the total export Crude Oil and Gas receipts from January to August amounted to $3.420 billion.
Of the total amount, the sum of $0.61 billion was remitted to the Federation Account while the balance – $2.81 billion – was used to fund the JV cash call for the period.
“The Nigerian National Petroleum Corporation, (NNPC) has commenced the monthly publication of its provisional financial and operational reports for public scrutiny, a statement from the NNPC says.
“The report also provided a detailed and unprecedented statistical insight into crucial aspects of the corporation’s activities,” Alegbe stated.
According to the statement, the report captured detailed activities in the national crude oil and natural gas production.
It said the report also highlighted details of oil lifting and utilisation, refineries plants operations and petroleum product supply and distribution and NNPC’s budget performance report and 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 status of the JP Morgan foreign account, management and custody of revenue from crude oil sales, actual production capacity of the refineries are detailed in the report.
“The dollar accruals to NNPC and the Federal Government from export crude oil and gas, as well as receipts and payments are also captured in the report.
“It indicated that 607.8 million dollar has been paid so far to the Federation Accounts Allocation Committee, (FAAC) he year 2015 from sales of export oil and gas as dollar proceeds,” NNPC further stated.
It said that the report showed that the total export crude oil and gas receipt for the period of January to August 2015 was $3.420 billion.
According to the statement, 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 was stated 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 to insufficient cash available to meet monthly JV cash calls obligations of about $615.8 million as appropriated by the National Assembly.
Accordingly, corporation was compelled to sweep all the export receipt to JV cash into the Federation Account since the April, 2015.
The statement furthered noted that the sum of N723.82 billion for domestic crude oil and gas sales proceeds has also been paid to the Federation Account from January to August 2015 “as naira proceeds”.