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    NNPC transfers $1.28b to JV cash call

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    THE Nigeria National Petroleum Corporation (NNPC) said it transferred $1.28 billion to Joint Venture Cash call in February, 2021, The Nation learnt yesterday.

    The document entitled: “February 2021, Financial and Operations Report,”added that the $1.28 billion was paid as first line charge.

    It noted that in the period under review, the corporation also transferred $0.94billion into the Federation Account.

    The report explained that the total crude oil and gas receipt for the month was $2.22billion from which the transfers were made to JV cash call and Federation Account.

    According to the report, the total export receipt of $115.34million was recorded in February 2021 as against $108.75 million in January 2021.

    The proceeds from crude oil, said NNPC, amounted to $30.99million while gas and miscellaneous receipts stood at $81.18 million and $3.17 million respectively.

    NNPC said: “Dollar Payments to JV Cost Recovery & Federation Account:

    “Total export receipt of $115.34 million was recorded in February 2021 as against $108.75 million in January 2021.

    “Proceeds from Crude oil amounted to $30.99 million while Gas and miscellaneous receipts stood at $81.18 million and $3.17 million respectively.

    “Of the export receipts, $30.99 million was remitted to the Federation Account while $84.35 million was remitted to fund the JV cost recovery for the month of February 2021 to guarantee current and future production.

    “ Total export crude Oil & Gas receipt for the period February 2020 to February 2021 stood at $2.22 Billion; out of which $1.28billion was transferred to JV Cash Call as first line charge and the balance of

    $0.94Billion was paid into Federation Account.”

    The NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, told The Nation that he did not have the JV Cash call exit figure.

    It would recall that the Federal Government decided to pay up its obligation to the JVC that rose to a debt of $4.68billion in 2016.

    Meanwhile, on Naira Payments to Federation Account, the report said in February 2021, NNPC remitted the sum of N159.24 billion to the Federation Account Allocation Committee (FAAC).

    It disclosed that from “ February 2021 to February 2021, total NNPC remittances to Federation Account Allocation Committee (FAAC) is N1,723.45 billion; out of which Federation and JV with Government Priority Projects received N832.15billion and N891.30billion.

    The report said the Petroleum Product Supply & Distribution, NNPC stated the Petroleum Product Supply from Direct Sales Direct Purchase (DSDP).

    It noted that in February 2021, 1,716.34 (61.2 million litres per day) of PMS were supplied into the country through the DSDP arrangement as against the 1,682.43million litres of Premium Motor Spirit (PMS) supplied in the month of January 2021.

    The report said: “A total sum of ¦ 188.15 billion was made on the sale of white products by PPMC in the month of February 2021 compared to ¦ 190.72 billion sales in January 2021.

    “Total revenues generated from the sales of white products for the period February 2020 to February 2021 stood at ¦ 2,070.34billion, where PMS contributed about 99.13per cent of the total sales with a value of ¦ 2,106.69 billion.”

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