FG receives N18.99 billion NNPC’s refund – Today

The Federal Government received N18.99 billion from the Nigerian National Petroleum Corporation (NNPC) during the second quarter of 2016, being installmental refund of the corporation’s indebtedness to the government.

The Central Bank of Nigeria (CBN), which made this disclosure in its second quarter report, added that the sum of N7.86 billion was equally distributed as exchange gain among the three tiers of government as 13 per cent Derivation Fund.

A breakdown of the allocation showed that Federal Government received N3.68 billion; State Governments, N1.87 billion; Local Governments, N1.44 billion; and 13 per cent Derivation Fund (N0.88 billion).

CBN disclosed that Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.54 million barrels per day (mbd) or 141.68 million barrels (mb) for the second quarter of 2016.

This, it said, represented a decline of 0.37 mbd or 15.4 per cent, relative to 1.82 mbd or 165.62 million barrels produced in the first quarter of 2016.

It stated that crude oil export stood at 1.09 mbd or 100.28 mb representing a decline of 20.4 per cent, compared with 1.37 mbd or 124.67 mb, recorded in the preceding quarter.

It stated: “Supply disruptions owing to continued attacks on oil installations by vandals accounted for the decline in crude oil production. Deliveries to the refineries for domestic consumption remained at 0.45 mbd or 41.40 million barrels during the review quarter.

Read more at https://www.today.ng/business/175111/receives-n18-99-billion-nnpcs-refund