Connect with us

NEWS

NNPC pays N153.01bn into Federation Account in January

Published

on

The Nigerian National Petroleum Corporation (NAN)  says it transferred N153.01 billion into the federation account in January.

The corporation disclosed this in its Financial and Operations Report for the month of January released in Abuja on Sunday.

“Within the period under focus, NNPC transferred N153.01 billion into the Federation Account.

“Cumulatively, from January 2018 to January 2019, Federation and JV received N905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts,’’ NNPC said in the report.

The corporation also said that it made a trade surplus of N15.04billion for January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019.

It attributed the positive financial position to the improved performance of NNPC’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC) which recorded surplus numbers in spite reduced operational activities in the month.

The report submitted that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of Crude oil per day.

The report noted that this has made achieving 500,000bpd production by 2020 plausible.

According to the report, the NPDC’s position contrasts with the high expenditure levels posted by two other entities of NNPC, the Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit.

In terms of sales and remittance of crude oil and gas proceeds, the corporation recorded a total export receipts of 381.70 million dollars in the month under review as against 345.68 million dollars posted in December 2018.

A breakdown of the numbers indicated that contributions from crude oil amounted to 269.43 million dollars, while gas and miscellaneous receipts stood at 111.75 and 0.52 million dollars.

On petrol supply, 1,998.61 million litres of petrol was supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) crude-for-product arrangement in the month under review..

The number  was slightly higher than the 1,789.20million litres of petrol supplied in the month of December 2018.

On pipeline vandalism,  the corporation recorded 230 hacked pipeline points, leaving only two ruptured.

This  marks 11 per cent improvement from the 264 vandalised points posted in December 2018.

A breakdown indicated that Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu pipelines accounted for 67, 62 and 30 points which translated to 29 per cent, 27 per cent and 13 per cent of the vandalised points.

“The Warri-River Niger axis accounted for 10 per cent and other locations accounted for the remaining 21 per cent of the pipeline breaks,’’ the report stated.

On the gas sector,  natural gas production increased by 2.22 per cent at 245.83billion cubic feet compared to output in December 2018, translating to an average production of 8,194.34 million standard cubic feet of gas per day (mmscfd).

According to the report, out of the volume supplied in January 2019, a total of 151.50bcf of gas was commercialised, consisting of 38.03BCF and 113.47 BCF for the domestic and export market.

The figure translates to a total supply of 1,226.83 mmscfd of gas to the domestic market and 3,780.24 mmscfd of gas supplied to the export market for the month.

This implies that 61.73 per cent of the average daily gas produced was commercialised, while the balance of 38.27 per cent was re-injected, used as upstream fuel gas or flared.

The report disclosed that gas flare rate was 7.52 per cent for the month under review; translating to 610.07mmscfd compared with average gas flare rate of 9.76 per cent, that is 770.31 mmscfd for the period January 2018 to January 2019.

Continue Reading
Advertisement
Click to comment

Leave a Reply

NEWS

BreakingNews: Kano court declares appointment of new emirs null and void

Published

on

A Kano State high court Wednesday declared the appointment and the installation of four new emirs by the Kano State government as null and void.

The emirs were installed by the Governor Umaru Ganduje at the weekend following the balkanisation of the century-old emirate by the Kano state government.

Ganduje has been accused of carrying out a personal vendetta against the Emir of Kano Muhammad Sanusi II in order to whittle down his influence in one of Nigeria’s oldest traditional institutions.

But the governor insisted the future of the state was taken into consideration before Kano Emirate was divided into five smaller units.

“For easier local administration as Kano state moves in a new direction to deliver community-based growth, we have decided to create 4 new Emirates for our great state,” Ganduje said on May 10.

Continue Reading

NEWS

OUR INTEGRATED TRANSPORT SYSTEM FIRMLY ON TRACK- AMBODE

Published

on

Lagos State Governor, Mr. Akinwunmi Ambode on Tuesday commissioned the Bariga Waterfront Jetty, Five Transport Ferries and the Ilaje Road, saying that the development was a testament to the fact that the State’s integrated transport management system was firmly on track.

Governor Ambode, who spoke at the unveiling of the projects, said the development would greatly lessen pressure on road transportation, reduce travel time as well as enhance connectivity within the State.

“With these projects, our State is firmly on track with our goal of establishing an integrated transport management system. These facilities will continue to impact positively on the lives of Lagosians as we strive to address traffic gridlock, reduce travel time, improve road connectivity and abate flooding,” Governor Ambode said.

He said like other projects delivered by his administration, the projects were inspired to open up the Bariga community for more commercial activities and make residents feel the impact of government, recalling that his administration since inception set out on a mission to make every community economically viable and livable

“Ladies and Gentlemen, the thinking behind these projects is inclusion; an inclusion where every resident of our State has a say, feels the impact of government in their lives and is given the opportunity to realise their dreams

“When we assumed office four years ago, we set out on a mission to make every community economically livable. This has been the guiding principle behind spreading our different projects across the State,” he said.

Explaining how the jetty and Ilaje Road came about, Governor Ambode said the projects were basically in response to the security challenges of late 2015 as investigations then revealed that the cultists terrorizing the people and threatening peace of the State were getting funds from sand dredging activities in the area, adding that the projects were a clear example of urban regeneration inspired by creating solution to challenges.

The Governor said that the initial plan was to upgrade the roads in the community but that a proper assessment of the community revealed a greater need to improve the lives of the people and make Bariga a transport hub that would connect the community to other parts of the State through water transportation.

“The delivery of this road, the jetty and our new ferries signifies our commitment to the people of Lagos State to continuously provide the critical infrastructure that will improve their standard of living and also be an impetus to increase the socio-economic activities of this axis

“The provision of comfortable, safe and reliable ferry services for the residents of Bariga and environs will no doubt bring about an improvement in journey times that would lead to greater productivity,” he said.

The Governor explained that the new Ilaje Road would serve as a very good access road to the jetty as well as opening up the community, while the Bariga Jetty would serve as a terminal where residents in the area can access ferry services and easily get to other jetties at Ikorodu, Marina, Falomo and Badore in Ajah, among others.

He said the jetty has a 150-car parking lot that would provide an avenue for people to park their cars comfortably and get on a ferry taking them to other parts of the State, adding that residents of the area can also make use of the ample space for social events.

Besides, the Governor said that of the five new ferries, four are passenger ferries that can accommodate between 40 to 60 passengers, while the fifth ferry – a Car Barge has the capacity to take between 16 and 20 cars at a time on water.

He said the projects were also in line with his administration’s policy to develop an efficient integrated transport model to decongest roads in the State by getting more people to utilise water transportation as a viable alternative.

Earlier, Commissioner for Works and Infrastructure, Mr Ade Akinsanya said aside the jetty, road and ferries, the State Government was also constructing 12 other roads within Ilaje and Bariga, just as he urged the people to take ownership of the projects.

On his part, Baale of Ilaje, High Chief Kayode Ajetiwa, who spoke on behalf of the community, thanked Governor Ambode, saying the people of the area would forever appreciate and remember him for transforming their neighborhood and making life comfortable for them through the projects.

“The good people of Ilaje-Bariga Community and Bariga Local Council Development Area (LCDA) and Shomolu Local Government and all Lagosians will ever remember your Excellency (Governor Ambode) for the construction of this ultra-modern jetty at Ilaje-Bariga Community for the sole purpose of easing water transportation in Lagos.

“We salute your courage for providing the funds for this project within four years of your administration to which no other Governor has ever done. We are grateful that you have taken us to the next level,” Ajetiwa said.

Continue Reading

NEWS

BREAKINGNNEWS: Tribunal Asked To Stop Buhari’s Inauguration

Published

on

A political party, Hope Democratic Party (HDP), has filed a motion seeking an order of the presidential election tribunal restraining President Muhammadu Buhari from presenting himself to be sworn-in on May 29th, 2019.

The party is also seeking an order restraining the Chief Justice of Nigeria from swearing-in, administering the oath of office and oath of allegiance to the president on May 29th, 2019.

In a motion on notice made available to journalists on Tuesday, Hope Democratic Party filed the motion on six grounds pursuant to section one subsection two of the 1999 constitution as amended and under the jurisdiction of the tribunal.

Some of the grounds of the application is that there is a pending petition challenging the election and return of President Buhari as the winner of the February 23 presidential election.

The Hope Democratic Party also said the petition has been served on President Buhari and pleadings have been exchanged.

The Hope Democratic Party claimed that inspite of the pendency of the legal action against President Buhari, he has been making frantic efforts and preparation for his inauguration on May 29, 2019, by the CJN.

The party further said that unless President Buhari restrains from presenting himself for inauguration he will foil ” a fiat accompli and state of hopelessness on the court and render their petition nugatory.

The Hope Democratic Party also averred that the law is settled that once a question of the validity of an election of any person is challenged that person is not competent to take oath of office or assume the seat of power.

The application was filed on May 9th, 2019 and it is been heard today, May 14, 2019.

The respondent including counsels to President Buhari, the All Progressives Congress (APC) and Independent National Electoral Commission (INEC) said they have not been served with the motion.

However, the petitioner has announced the application.

Other petitions challenging Buhari’s victory are filed by other political parties. They include the major opposition party, the Peoples Democratic Party (PDP) and its presidential candidate, Alhaji Atiku Abubakar.

Source: Channels

Continue Reading





FOLLOW US ON TWITTER

Trending