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NNPC Earns $219.75m From Crude Oil, Gas In May
The Nigerian National Petroleum Corporation has said it recorded a total of $219.75 million from crude oil and gas export sales in May 2021. This represents a 180.29 percent increase in sales from April 2021. This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a…
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NNPC Partners Security Agencies to Control Smuggling
The Nigerian National Petroleum Corporation has said it was collaborating with relevant law enforcement agencies to curb the menace of petroleum products smuggling and crude oil theft. NNPC, noting that the partnership was also with relevant downstream and upstream stakeholders, named the law enforcement agencies to include the Economic and Financial Crimes Commission, Department of…
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Nigeria Made $34.22bn From Oil In 2019
The Nigeria Extractive Industries Transparency Initiative has said Nigeria earned $34.22bn from the oil and gas sector in 2019. It said this in its 2019 Oil and Gas Industry Audit report noting that the $34.22bn revenue represented an increase of 4.88 percent over the $32.63bn garnered from the sector in 2018. A breakdown of the…
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Nigeria Lost N851bn To Oil Theft
The Nigerian Extractive Industry Transparency Initiative has said Nigeria lost N851.84 billion ($2.78bn) to oil theft and pipeline sabotage in 2019. NEITI said this in its latest oil and gas industry audit report stating that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of…
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Special Report: Dead People Don’t Pay Tax, The Downside Of Bad Governance
Bad governance is likened to the unfavourable relationship between those who govern and those who are governed which eventually results in negative consequences. The failure in governance in Nigeria, one of the world’s most corrupt countries, is accompanied by a score of other specific threats to human security, including the pressures of globalization, poverty, unemployment,…
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Oil Import Fell To $1.32bn In 2020
The latest data from the Central Bank of Nigeria have shown that the quantity of foreign exchange used for oil imports in 2020 was $1.32bn, compared to $2.10bn in 2019. The CBN’s data on sectoral utilisation for transactions valid for forex revealed that $148.32m was utilised in January for oil imports; $145.23m in February, and…
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Oil, Gas Export Revenue fell Drop in 2020
The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 percent in 2020. Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in 2019. Total revenue from oil and gas exports stood at $282.32m in February; $362.18m in…
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NNPC Records 37% Drop In Pipeline Vandalism
For the month of January 2021, the Nigerian National Petroleum Corporation has announced a 37.21 percent decrease in cases of pipeline vandalism across the country. This was contained in the January 2021 (66th) edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public…
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Nigeria Refineries Earn N21bn, Lose N778bn In Five Years
The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019. This was obtained from an analysis of data collated from their financial statements. The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities. The refineries,…
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NNPC Records 80.12% Trading Surplus In December 2020
The Nigerian National Petroleum Corporation said it recorded an increase of ₦24.19billion trading surplus in December 2020. The amount is an 80.12 percent increase compared to the ₦13.43billion surplus recorded in November of the same year. Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period…