Continental Focus, International Reach

NNPC Brings in $2.18 Billion

Monday, July 24, 2017

Over the period between May 2016 and May 2017, Nigeria’s state-run firm NNPC brought in a total of $2.45 billion from the export of its oil and gas. According to the company’s May Financial and Operations Report, from the total export receipt NNPC transferred $2.18billion to the Joint Venture Cash Call (JVCC) in accordance with the Budget and Exit of the JVCC.

The report added that the corporation transferred the balance of $0.27billion to the Federation Account.

In the statement released with the report the company said, “This JVCC amount falls short of $8.64billion in the 2016 appropriated amount. This was caused by the production disruption in the Niger Delta and low crude oil prices during the year.”

According to the report, a total export sale of $272.74 million was recorded for May 2017, $114.71 million higher than the month prior.


« GO BACK