It’s refreshing to note NNPC’s activity in announcing funds paid into the Federation Account for the month of April. Transparency At Last! And Long may it continue. – Jide Salu.
The Nigerian National Petroleum Corporation (NNPC) said it paid N56.22 billion into the Federation Account in April 2016 according to PM News.
This is contained in the corporation’s Monthly Financial Report released in Abuja on Thursday.
“NNPC transferred N56.22 billion to the Federation Account for the month of April being proceeds from the local sale of petroleum products.
“Thus, the sum of N933.12 billion has been paid to the Federation Account Allocation Committee (FAAC) from March 2015 to April 2016,” the report said.
On crude oil sale for the month under review, it said that NNPC recorded export sale of 289.36 million dollars, adding that the sales were made in March, while the collection was made in April 2016.
It added that in spite of the export sales, NNPC did not make any dollar remittance to the Federation Account in April.
It said that crude oil export sales during the period amounted to 191.30 million dollars or 66.11 percent of the dollar transactions compared with 57.79 percent contribution in the previous month.
It added that export gas sales were 71.81 million dollars during the period.