Nigeria earns N724bn from domestic crude oil sales

Oil barrel.

Oil barrel.

Nigeria earned N723.82 billion from domestic crude oil and gas sales between January and August 2015, the Nigerian National Petroleum Corporation, NNPC, has revealed.
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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