Nigeria earns $2.5bn from oil, gas exports over 12 months – NNPC

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According to the Nigerian National Petroleum Corporation (NNPC), Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, The Guardian reports.

NNPC, which made this disclosure in its latest financial report released at the weekend, said the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Calls in line with the 2016 approved budget and pending 2017 budget approval.

NNPC explained: “A total export sale of $361.95 million was recorded in March 2017. This is $98.84 million higher than the preceding month’s performance. Crude oil export sales contributed $255.50 million of the dollar transactions compared with $157.65 million contribution in the previous month.”

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 per cent of the revenues collected with a value of ₦1.371.14 billion.

It revealed that trading deficit, which has characterised the Corporation’s operations for some time, as a result of massive disruption and sabotage of its facilities, recorded a huge drop from N14.12 billion in February to just about N5.62 billion.