The Nigerian National Petroleum Corporation has disclosed that the total worth of crude oil and gas exported from Nigeria between May 2019 and May 2020 is at $4.47bn.

Infinity Tyres

It also revealed that the corporation remitted a total of N1.83tn to the Federation Account Allocation Committee during the same period.

In its just-released financial and operations report for May 2020, the oil firm further noted that a total export sale of $174.80m was recorded in May 2020, representing a 10.73 per cent decrease when compared to the preceding month.

It stated that crude oil export sales contributed $120.50m (68.94 per cent) of the dollar transactions for the review period, compared with $148.86m contribution in the previous month, while the export gas sales amounted to $54.29m in the month of May 2020.

“The May 2019 to May 2020 crude oil and gas transactions indicated that crude oil and gas worth $4.47bn was exported,” the corporation stated.

It said a total export receipt of $133.16m was recorded in May 2020 as against $193.05m in April 2020.

READ ALSO: Brent Crude rise to $46, highest in five months

According to the NNPC, the contribution from crude oil amounted to $105.08m, while gas and miscellaneous receipts stood at $8.71m and $19.37m respectively.

It noted that of the export receipts, $20.20m was remitted to the Federation Account, while $112.96m was remitted to fund the joint venture cost recovery for the month of May 2020 to guarantee current and future production.

“Total export crude oil and gas receipt for the period May 2019 to May 2020 stood at $4.77bn, out of which the sum of $3.18bn was transferred to JV cash call as first line charge and the balance of $1.59bn was paid into Federation Account,” it stated.

On naira payment to Federation Account, the NNPC stated that in May 2020, it remitted the sum of N161.89bn to the Federation Account Allocation Committee.

It noted that from May 2019 to May 2020, total NNPC remittances to FAAC was N1.83tn, out of which the federation and JV with government priority projects received the sum of N857.39bn and N976.75bn respectively.