Nigeria earns N724bn from domestic crude oil sales
The NNPC in its Financial and Operations Report for the month of August, stated that the country also earned $3.423 billion, about N684.6 billion from the export of crude oil and gas.
The NNPC put domestic crude sales proceed due the country at N1.164 trillion; N723.824 billion was received, while N774.47 billion was remitted to the Federation Account Allocation Committee, FAAC, inclusive of a debt repayment of N50.64 billion.
The country spent N231.04 billion on subsidy; N4.17 billion and N41.65 billion was incurred as crude and petroleum product losses respectively, while repairs and management cost gulped N69.41 billion.
In general, the NNPC stated that the country earned $25.105 billion, about N5.021 trillion from the sale of crude oil between January and July 2015.
A breakdown of the figure, showed that the Federal Inland Revenue Service, FIRS, and the Department for Petroleum Resources, DPR, earned $1.966 billion, about N393.2 billion and $229.668 million, about N45.93 billion respectively from Production Sharing Contract revenue.
In addition, the NNPC earned $7.156 billion, about N1.43 trillion in the period under review, while the amount accrued to the Federal Government was $9.351 billion, about N1.87 trillion. Oil companies, including the Nigerian Petroleum Development Company, NPDC, earned $15.077 billion, about N3.02 trillion, while Alternative Finance received $676.287 million, about N135.257 billion.
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