Nigeria Earns $2.5bn From Export.


Nigerian National Petroleum Corporation (NNPC) revealed that the receipts of total crude oil and gas export from March 2016 to March 2017 stood at $2.50 billion.

The NNPC revealed in its latest financial report that the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Call in line with the 2016 Approved Budget and the 2017 budget.

The NNPC stated that its share of the joint venture fell short of the 2016 appropriated amount of $8.64 billion. The shortage was due to low crude oil prices during the year and a twin effect of production distribution in Nigeria.

The Corporation disclosed that a total value of ₦206.42 billion was collected as sales revenue for white products sold by PPMC in March 2017, compared with ₦179.81billion collected a month earlier.

It put the total revenues generated from the sale of white products for the period March 2016 to March 2017 at ₦1,611.09 billion where Premium Motor Spirit (PMS) contributed about 85.11 percent of the revenues collected with a value of ₦1.371.14 billion.

NNPC also revealed that due to massive disruption and sabotage of its facilities recorded a huge drop from N14.12 billion in February to just about N5.62 billion.