Oil Export Revenue Dropped By 98% In April – NNPC

The Nigerian National Petroleum Corporation (NNPC)has said crude oil export proceeds plunged by 98 per cent in April, compared to March.

The NNPC said in a report that the total revenue from crude oil exports in April fell to N723m from the N35.72bn generated in March.

“No remittance to Federation Account in April for May 2021 FAAC due to recorded value shortfall resulting from difference between the landing cost and ex-coastal price of Premium Motor Spirit (PMS) recorded in March 2021,” it said.

The corporation said it lifted 7.62 billion barrels of crude oil in March, compared to 10.79 billion in February, and exported 66.67 million barrels.

It said the country maintained its 1.52 million barrels per day production quota as agreed during the previous meeting of the Organization of the Petroleum Exporting Countries.

Domestic gas receipts for the month amounted to N5.13bn as oil and gas revenues totalled N156.37bn, a reduction of 30.38 per cent from March revenues.

“Feedstock valued at $54.6m was sold to the Nigeria LNG Limited during the period out of which $52.4m was received during the month, the difference being MCA obligations, gas reconciliation and credit notes,” the NNPC said.

According to the report, other receipts included $1.25m being miscellaneous receipts, gas and ullage fees and interest income was received in April 2021.”

It said, “The sum of N61.97bn was deducted out of the total March value shortfall of N111.97bn. This is to make funds available for Joint Venture cost recovery to sustain the existing production level. The balance of N50bn will be deducted in subsequent months.”

“In addition, April value shortfall of N126.29bn is to be deducted from May Federation proceeds in June 2021 FAAC meeting.”