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NNPC remitted Only 19.72% of total sales receipt into FAAC account

NNPCgroup sold 173.91m barrels of crude oil in Q3 2018

  • NNPCgroup sold 173.91m barrels of crude oil in Q3 2018
  • Only 19.72% of the total sales receipt from $ payment was remitted into FAAC acct
  • No record of what was remitted to FAAC from ₦ payment.
  • None of the refineries was in operation in September. What is going on with the revamping of the refineries?

BudgIT Nigeria

NNPC sold 173.91 million barrels of crude oil in Q3 of 2018.

A total of $12.88 billion was made from the sale of crude oil in Q3 of 2018.

NPDC produced 11 million barrels of crude oil in Q3 of 2018.

NNPC lifted an average of 259,191.30 barrels of crude oil for domestic use in Q3 of 2018.

8.98% of the total gas produced in Q3 of 2018 was flared away.

“There was a 71.53% decrease in crude oil processed by the refineries in Q3of 2018 in comparison to Q3 of 2017.”

The refineries had a combined capacity utilization of 2.61% in Q3 of 2018.

The refineries generated combined revenue of N23.89 billion in Q3 of 2018.

The refineries contributed only 27.81% of the total volume of kerosene supplied by NNPC in Q3 of 2018.

A total of 4.66 billion litres of white products was sold in Q3 of 2018.

The total revenue generated by PPMC in Q3 of 2018 amounted to N599.29 billion

NNPC Group had a total financial performance of net profit of N10.82 billion in Q3 of 2018.

Only 19.72% of the total sales receipt from the dollar payment was remitted into the FAAC account in Q3 of 2018.

A total of 415 pipeline breaks were recorded in Q3 of 2018.

None of the refineries was in operation in September. What is going on with the revamping of the refineries?

There was no record of what was remitted to FAAC from the Naira payment in the September report.

There was a 38.31% increase in pipeline breaks in Q3 of 2018 in comparison to Q3 of 2017.

Has Ibe Kachikwu failed Nigerians?

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