NNPC Pays N56bn to Federation Account


The Nigerian National Petroleum Corporation (NNPC) said it paid N56.22 billion into the Federation Account in April, 2016.

This is contained in the corporation’s Monthly Financial Report released in Abuja yesterday.
“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 report said.

On crude oil sale for the month under review, it said that NNPC recorded export sale of 289.36 million dollars, adding that the sales were made in March, while the collection was made in April, 2016.
The corporation according to the News Agency Nigeria(NAN) added that in spite of the export sales, NNPC 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.
It added that export gas sales were 71.81 million dollars during the period.