NNPC pays N56bn to Federation Account

The Nigerian National Petroleum Corporation (NNPC) deposited N56.22 billion into the Federation Account in April this year.
According to NNPC, crude oil export sales during the period amounted to 191.30 million dollars or 66.11 per cent of the dollar transactions compared with 57.79 per cent contribution in the previous month.
This was contained in a Monthly Financial Report released on Thursday, June 9 by the corporation.
The statement read: “NNPC transferred N56.22 billion to the Federation Account for the month of April being proceeds from local sale of petroleum products.
“Thus, the sum of N933.12 billion has been paid to the Federation Account Allocation Committee (FAAC) from March, 2015 to April, 2016.”
The NNPC revealed further that it recorded export sale of 289.36 million dollars on crude oil sale in April. According to the corporation, the sales were made in March, while the collection was made in April this year. Despite the export sales, the NNPC noted that it did not make any dollar remittance to the Federation Account in April.
It said crude oil export sales during the period amounted to 191.30 million dollars or 66.11 per cent of the dollar transactions compared with 57.79 per cent contribution in the previous month. On gas sales, the corporation says the export sales were 71.81 million dollars during the period.