The Nigerian National Petroleum Corporation (NNPC) paid $4.9 billion for domestic crude oil and gas and other receipts to the Federation Account from January to November 2015, a new report disclosed.According to the November financial report posted on the NNPC website on Thursday, it paid $607.8 million to the Federation Accounts and Allocation Committee (FAAC) in the period under review.
The corporation, however, recorded a N14.3bn loss in November 2015.
On naira payments to the government, it said: “The sum of N933.1bn for domestic crude oil and gas and other receipts have been paid to the Federation Account from January to November 2015.�
The report stated that the country’s refineries operated at zero capacity utilisation in November.
The refineries include Warri Refining and Petrochemical Company, the Port Harcourt Refining Company and the Kaduna Refining and Petrochemical Company.
The NNPC said total export proceeds of $402.55m was recorded in November with proceeds from crude oil export sales amounting to $296.99m or 73.78 percent of the dollar payment compared with 72.97 percent contribution in previous month of October, 2015.
Gas export sales and Nigeria Liquified and Natural Gas feedstock amounted to $105.53m, which was 26.22 percent contribution as against 18.97 percent contribution in October.
According to NNPC, the remaining $0.03m was attributable to other dollar denominated receipts by the corporation and a total of $607.8m has been paid so far to FAAC in the year 2015 from sales of export oil and gas.
