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NNPC Remits N1.118 Trillion Into Federation Account In One Year - Politics - Nairaland

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What Is The Contribution Of South East Region To The Federation Account? / NCC Remits N70 Billion Into Federation Account / NNPC Remits 1.118 Trillion Into Federation's Account In 1 Year. -TODAY. NG (2) (3) (4)

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NNPC Remits N1.118 Trillion Into Federation Account In One Year by Caseless: 5:04pm On May 08, 2016
The Nigerian National Petroleum Corporation, NNPC, said it paid N1.118 trillion into the Federation Account between April 2015 and March 2016.

In its monthly financial report for March, the agency said as part of the total, it paid N69.544 billion into the Federation Account in March. The money was from domestic crude oil and gas sold as well as other income.

It added that NNPC also recorded N107.826 billion revenue in March against N104.804 in February.
It said that the revenue rose marginally by 2.88 per cent, adding that the expenses of the corporation dipped by 12.92 per cent to N112.368 billion from N129, 034 billion recorded in previous month.

According to the report, the corporation also made a loss of N18.89 billion in the month under review.
It said the loss was an improvement from a deficit of N24.23 billion recorded in February.

A breakdown of the financial performance of its subsidiaries showed that the Nigerian Petroleum Development Company, NPDC, Integrated Data Services Limited, IDSL, and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million, respectively.
It reported that the Nigerian Gas Company recorded a profit of N5.155 billion.

“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million, respectively, while the PPMC recorded a deficit of N923 million,” it added.

The report said that the deficit recorded by NPDC in February and March 2016 were due to production shut–in occasioned by vandalism of Forcados Export Line.
This, it said resulted in the loss of its entire revenue from crude oil sales of about ₦20 billion.

The report also put the combined value of output by the three refineries at import parity price in March 2016 at N22.93 billion, while the associated crude plus freight cost was N20.02 billion.

It said that this gave negative margin of N3.95 billion after considering overhead of N6.87 billion.

The report also said that a total of N85.66 billion was collected as sales revenue from white products sold by PPMC in the month of March 2016 compared with N85.23 billion collected in the previous month.

“Total revenues generated from the sales of white products for the period April 2015 to March 2016 stands at N775.90 billion where PMS contributed about 88.85 per cent of the revenues collected with a value of N689.41 billion.”

The NNPC recorded total export proceeds of $170.12 million in the month under review with crude oil export accounting for $98.31 million, while gas export accounted for $71.81 million.

On dollar payments to Joint Venture Cash Call, it said total export proceeds of $141.87 million were recorded in March, 2016 consisting of crude oil receipt of 88.36 million dollars.

It added that Liquefied Petroleum Gas, LPG, and Escravos Gas to Liquid, EGTL, recorded proceed of 1.52 million dollars and Miscellaneous receipts amounting to 51.99 million dollars.

“The drastic slump in total export receipt is largely due to shut in of about 300,000 barrel of oil per day (bopd) at Forcados Terminal following the force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016.
“Hence, all un-lifted February and March cargoes were deferred until the repair is completed.”

https://www.today.ng/business/118768/nnpc-remits-118-trillion-federation-account-year

1 Like

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Aremu01(m): 5:10pm On May 08, 2016
Sai Buhari

12 Likes 1 Share

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Frank3n2(m): 5:15pm On May 08, 2016
Buhari is working!! Hope they utilize the money for the poor masses... Let it not end up in the pocket of few men..

11 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Frank3n2(m): 5:15pm On May 08, 2016
Buhari is working!! Hope they utilize the money for the poor masses... Let it not end up in the pocket of few men..

3 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Caseless: 5:16pm On May 08, 2016
Frank3n2:
Buhari is working!! Hope they utilize the money for the polr masses... Let it not end up in the pocket of few men..

11 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by patrickmuf(m): 5:18pm On May 08, 2016
Nice one...Things will definitely get better...

1 Like

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Caseless: 5:19pm On May 08, 2016
Aremu01:
Sai Buhari
the 'masquerade-dressers' won't like this.

12 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Taeewo(m): 5:29pm On May 08, 2016
Good one
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by rottennaija(m): 5:30pm On May 08, 2016
And this isn't change?

5 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by LadyExcellency: 5:31pm On May 08, 2016
Who do we believe?

NNPC Made No Dollar Remittance To Federation Account For 8 Months

The Nigerian National Petroleum Corporation NNPC has swept all the proceeds it made from oil and gas exports since April, 2015 to service Joint Venture (JV) Cash Call funding, implying, according to the report, a zero remittance to Federation Account from its operations.

The oil company report made available yesterday showed that it’s losses rose to N255.28 billion from N240.98bn recorded in October. The firm’s loss for the month of November alone was N14.29bn up from N12.22bn recorded in October.

For instance, in November, the corporation recorded $402.55 million as proceeds from Crude oil sales, LPG, NLNG Feedstock as well as miscellaneous receipts.

It diverted all the $402.55 million receipts to fund JV Cash Call obligation. It said the $402.55m even fell short of the $615.8m monthly requirement to fund its JV cash call.

A total of N255.28bn was lost by the NNPC between January and November this year, latest figures from the firm’s monthly financial and operations report for November 2015 have shown.

The last remittance to the Federation Account by the corporation was $184.9bn in April.

59.6% of the losses were attributed to mainly claimable pipeline repairs/management cost of N95.37bn, crude and product losses of N56.68bn due to vandalized pipelines.

The corporate headquarters of the oil firm posted the heaviest loss till date with N153.32bn. Its product supply and distribution arm, the Pipelines and Products Marketing Company (PPMC) posted N69.60bn while all the three refineries are listed to have lost over N70bn till date.

Like in October, the refineries also recorded zero capacity utilisation in the month of November just as they recorded a loss of N7.21 billion for the latest month.

“Total crude processed by the three refineries for the month of November 2015 was zero,” the report said.

NNPC blamed the continued decline on oil price and consequent deterioration in crude oil and gas receipt as the major reasons for the shortfall and subsequent non- remittance to the federation account.

The report said, “Total export crude oil and gas receipt for the period of January - November 2015 is $4.54 billion. Of the total receipts, the sum of $0.61 billion was remitted to Federation Account while the balance of $3.94 billion was used to fund the JV Cash Call for the period. Thus JV funding has gulped more than 86% of the proceeds”

Giving explanations for the decline, it said, “The deterioration in Crude Oil and Gas receipt is in response to continued decline in oil price. Thus the proceeds are no longer sufficient to service the JV Cash Call obligation and remit to Federation Account. JV cash call is a first line charge to Federation Account and 2015 Approved Budget requires monthly funding of about $615.8m.

http://www.dailytrust.com.ng/news/business/nnpc-made-no-dollar-remittance-to-federation-account-for-8-months/126896.html

1 Like 1 Share

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Caseless: 5:43pm On May 08, 2016

13 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Bassee(m): 5:44pm On May 08, 2016
Lol.
LadyExcellency:
Who do we believe?
http://www.dailytrust.com.ng/news/business/nnpc-made-no-dollar-remittance-to-federation-account-for-8-months/126896.html
Lol.

I believe this anyway. 1.1 trillion and the President is still junketing begging for alms?

6 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by wowmenow: 5:46pm On May 08, 2016
Another lies and propaganda
Buhari receive such money and the economy is in mess

6 Likes 1 Share

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by wordbank(m): 5:53pm On May 08, 2016
Trash!
NLNG, Shell, NNPC and other companies remits huge amount of money into the federation's account yet Mr. President borrow. How can you explain this to the common man

6 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Nobody: 5:56pm On May 08, 2016
wowmenow:
Another lies and propaganda
Buhari receive such money and the economy is in mess
One of the pained Nnamdi kanu abi kalu followers,if you are not happy,go report to Nnamdi kanu.

16 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by yaki84: 6:04pm On May 08, 2016
they forget to tell u that the money had long been shared amongst state, federal n local govt.

from april 2015 till march, faac hv shared trillions ofnaira among states. so this oneno be news.

if at all na news, why is foreign reserve not increasing instead its decreasing every month?

caseless stop trying hard to paint buhari whitewhen he is certified dark n dirty dullard.

7 Likes 1 Share

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by LouisVanGaal(m): 6:10pm On May 08, 2016

6 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by tomakint: 6:50pm On May 08, 2016
LouisVanGaal:
In your calendar, does 8months equate a year??
. . so the N1.18 trillion was raised within 4 months right? I just like your warped logic grin D

7 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by LouisVanGaal(m): 8:29pm On May 08, 2016
tomakint:

. . so the N1.18 trillion was raised within 4 months right? I just like your warped logic grin D
what if they had decided to pay it @ the end. Of the year? Since it's an annual stuff...

5 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by BushidoBlue(m): 10:09pm On May 08, 2016
Caseless:
the 'masquerade-dressers' won't like this.

By masquerade-dressers do you mean yourself and Lai Mohammed? Because we heard it from your APC "bottom pot"

Besides if in 1 year NNPC remitted more than #1trn, what is the President doing going to beg for the equivalent of #1trn from China??

3 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Caseless: 10:09pm On May 08, 2016
Mynd44, lalasticlala
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by cuteraeh(m): 8:01am On May 09, 2016
What the past administration failed to do

2 Likes

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by epospiky(m): 8:03am On May 09, 2016
reading...done. Hope we feel the impact positively sha
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by misspresident(f): 8:03am On May 09, 2016
Yinmu
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by fumisexy: 8:04am On May 09, 2016
this a whole lot of money entering one account in a year
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by DropShot: 8:04am On May 09, 2016
Great
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Kingspin(m): 8:05am On May 09, 2016
Coming from NNPC, alone. No wonder some people love one Nigeria pass. Oil is declining yet is feeding the entire country and beyond. The next is to share the money across lazy states. If agric can give us 2 trillion then is change. I see no change, 2pac

1 Like

Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by daddychelsea(m): 8:06am On May 09, 2016
Stories 2 d gods so we av dis kind of money yet we went 2 China begging 4 money. Abg make una no d kind news wey una go give us here no b small children dey here. undecided undecided
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by Nobody: 8:07am On May 09, 2016
daddychelsea:
Stories 2 d gods so we av dis kind of money yet we went 2 China begging 4 money. Abg make una no d kind news wey una go give us here no b small children dey here. undecided undecided

The money we have at hand it still not enough.

Yes...it is good NNPC is remitting N1.18 trillion. But our budget is just N8 trillion. We need far more money than that.

That is why we have to stop relying on oil....and start relying on scientific innovation and development.

And that is why corruption is wrong. Because...we cannot afford people stealing our money.
Re: NNPC Remits N1.118 Trillion Into Federation Account In One Year by davodyguy: 8:07am On May 09, 2016
rottennaija:
And this isn't change?
To the haters and the bittered yoot over the loss of GEJ last year, it isnt change but one chance



wink

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