The Nigerian National Petroleum Corporation (NNPC paid N933.1bn for domestic crude oil and gas and other receipts to the Federation Account from January to November 2015.
According to the November financial report posted on its website yesterday, it paid $607.8m to the Federation Accounts and Allocation Committee (FAAC) in the period under review.
The corporation, however, recorded a N14.3bn loss in November 2015.
On naira payments to the government, it said: “The sum of N933.1bn for domestic crude oil and gas and other receipts have been paid to the Federation Account from January to November 2015.”
The report stated that the country’s refineries operated at zero capacity utilisation in November.
The refineries include Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company.
NNPC said: “The group operating revenue after subsidy for the months of October and November 2015 were N173.56bn and N155.10bn. This represents 56.72 per cent and 50.68 per cent of monthly budget. Similarly, operating expenditure for the same periods were N185.78bn and N169.39bn, which also represents 69.55 per cent and 63.42 per cent of budget for the months.
“Operating deficits of N12.22bn and N14.29bn for October and November 2015 was attained as against monthly budgeted surplus of N38.91bn. (The) 59.63 per cent of YTD (year-to-date) NNPC deficit of N255.278bn is mainly accounted for by claimable pipeline repairs/management cost of N95.37bn and crude and product losses of N56.68bn due to vandalised pipelines.”
The NNPC said total export proceeds of $402.55m was recorded in November with proceeds from crude oil export sales amounting to $296.99m or 73.78 per cent of the dollar payment compared with 72.97 per cent contribution in previous month of October, 2015.
Gas export sales and Nigeria Liquified and Natural Gas feedstock amounted to $105.53m, which was 26.22 per cent contribution as against 18.97 per cent contribution in October.
According to NNPC, “the remaining $0.03m was attributable to other dollar denominated receipts by the corporation and a total of $607.8m has been paid so far to FAAC in the year 2015 from sales of export oil and gas”.
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