The Nigerian National Petroleum Corporation (NNPC) says its sales revenue from crude oil and gas export rose to $470 million in August from $391.91 million in July.
In a statement on Wednesday in Abuja, Ndu Ughamadu, NNPC spokesperson, said the figures are contained in the August edition of the corporation’s monthly financial and operations report.
According to the report, $337.62 million was recorded in crude oil sales alone, representing 71.83 percent of the dollar transactions for the period, compared to its July sales revenue of $283.43 million.
Sale from gas export was $132.38 million.
The total revenue realised from the export of crude oil and gas between August 2017 and August 2018 was $5.26 billion.
The actual receipt from sale of crude oil and gas was $450.24 million in August, as against $382.65 million in July.
Of the total receipt, crude oil’s contribution was the highest at $336.43 million.
Contribution from gas was $101.33 million, while contribution from miscellaneous was $12.48 million in the review period.
The NNPC said $142.31 million was remitted to the federation account from the export receipts.
The remaining $307.93 million was remitted to fund the Joint Venture (JV) cost recovery for the same month to “guarantee current and future production”.
From the $5.23 billion sales revenue realised between August 2017 and August 2018, $3.74 billion was used to fund JV cash-call as “first line charge.”
The balance of $1.49 billion was paid into the federation account.
On naira payments, N128.40 billion was transferred to the federation account in August.
The NNPC also explained that between August 2017 and August 2018, the federation account and JV received N879.02 billion and N651.4billion respectively.