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FG revenue from oil export drops by 65% in April

FG revenue from oil export drops by 65% in April

ABUJA: The Federal Government’s revenue from oil and gas export dipped by 65 per cent n April. According to monthly report by the Nigerian National Petroleum Corporation (NNPC) for the month of April, the NNPC, on behalf of the federal government, recorded total export proceeds receipts of $142.12 million in April 2017, compared to $404.55 million recorded in March 2017, with contribution from crude oil amounting to $71.81 million while gas and miscellaneous receipt stood at $70.29 million and $0.013 million.

The report, however, noted that the total export proceeds receipt of $142.12 million was remitted to fund the Joint Venture (JV) Cash Call for the month of April 2017 to guarantee current and future production. “Total export crude oil and gas receipt for the period of April 2016 to April 2017 stood at $2.50 billion. Out of which the sum of $2.29 billion was transferred to JV Cash Call in line with 2016 Approved Budget pending 2017 budget approval and the Exit of JV Cash Call and the balance of $0.21 billion was paid to Federation Account. “However, this JVCC amount falls short of the 2016 appropriated amount of $8.64 billion. This is due to twin effect of production disruption in Niger-Delta and low crude oil prices during the year,” it stated. Besides, it also stated that the Corporation’s revenue for January-April 2017 dropped by 0.53 per cent to $985.244 compared to $990.522 million recorded in the same period in 2016.

Crude oil export accounted for 58.76 per cent of total export with $578.93 million, while gas export accounted for 41.24 per cent of the total with $406.317 million. Giving a breakdown of the figures, the report stated that in January 2017, total crude oil and gas export stood at $202.16 million, compared with $282.83 million in the same period in 2016. Crude oil accounted for $93.966 million of the January 2017 export, with gas export accounting for $108.2 million. The report stated that in February, $263.11 million crude oil and gas export were recorded, compared to N247.45 million in February 2016. Crude oil export and gas export stood at $157.65 million and $105.46 million in February 2017.

In the month of March, crude oil export stood at $255.5 million, while gas export stood at $106. 45 million, leading to total crude oil and gas export of $361.95 million in March 2017, compared to $170.877 million in the same period in 2016. April 2017 crude oil and gas export stood at $158.025 million compared with $289.365 million recorded in the same period in 2016. Crude oil export stood at $71.81 million, while gas export stood at $86.2 million.