#Country Updates #News #Nigeria #Upstream Oil & Gas News

NNPC Remits N1.7trln to FAAC In 12 months

Nigerian National Petroleum Corporation (NNPC) has said that it paid about N1.7 trillion to the Federation Account Allocation Committee (FAAC), between February 2019 and February 2020.
In the national oil company’s full monthly financial report released on Tuesday, the company stated that it remitted N148.53 billion to the FAAC in February 2020.

The report said that in the same February, the NNPC recorded a total export of $370.69 million, indicating a decrease of 14.75% compared to the previous month.

Crude oil export sales contributed $281.14 million (75.84 per cent) of the dollar transactions compared with $336.65 million contribution in the previous month; while the export gas sales amounted to $89.55 million in the month.

click on the link below for further information

Source: OrientEnergyReview

The Seven Brothers

Leave a comment

Your email address will not be published. Required fields are marked *