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

BE ACCOUNTABLE- LGs COMMITTEE CHARGED

Published

on

The elected Local Government Review Committee (LGRC) members from six selected Local Governments in Ogun State, have been advised on the need to be effective and be transparent in the discharge of their duties, for sustainable development in the State. The Permanent Secretary, Ministry of Community Development and Cooperatives, Mrs. Melutia Ogunremi, gave this advice during a one- day training for LGRC members, with the theme, “The Roles of LGRC in the Community Development Project (CDP) Formulation and Implementation’’, organised by the Community and Social Development Agency CSDA, at the Conference Hall, Ministry of Community Development and Cooperatives, Oke-Mosan, Abeokuta.

Mrs. Ogunremi, charged the elected committees saddled with the responsibilities of community development projects to effectively coordinate and execute World Bank assisted projects, adding that this would aid government’s intervention in executing more projects. According to her, “by the time the projects would be completed, the less privilege in our communities would feel the impact of good leadership”, adding that, accountability, sincerity, as well as transparency should be their watchword. On his part, the General Manager Community and Social Development Agency, Engineer Sakirudeen Salam, said the training was organised for elected committee members on their roles to facilitate and fast track the process of the proposed projects. He disclosed that, eighty participants which cut across the six selected Local governments including, Abeokuta North Local Government, Odeda Local Government, Ipokia Local Government amongst others, were duly represented.

Reacting, the Chairman, Board of Director, Community and Social Development Agency (CSDA), Pastor Oladipupo Odeyemi, disclosed that the programme had been in existence since 2009 and the State was already involved in the second phase, while striving to be among the third phase if all projects would be done with all honesty, describing the programme as a measure for poverty alleviation in any society. One of the participants at the training, Honourable Bode Kusimo commended the International agency, as well as the State government’s effort at eradicating poverty at the grassroots, pledging to ensure the success of the project, thereby assisting in the socio-economic growth of the areas.

Continue Reading

NEWS

SANWO-OLU: “MAKING LAGOS A SMART CITY NOT A RHETORIC”

Published

on

The plan to elevate Lagos to become a smart city is not a mere political rhetoric, but an agenda that is being supported by policies that will make the goal achievable, Lagos State Governor Babajide Sanwo-Olu has said.

The Governor said his administration’s commitment to reinvigorate the state’s economy and make it a smart city was reinforced by its growth potential and profile as one of the top investment destinations in Africa.

The smart city agenda, Sanwo-Olu said, is on course, stressing that his administration would achieve the goal in partnership with private sector as key driver of development.

The Governor spoke on Wednesday at the 13th Annual Business Law Conference organized by Business Law section of the Nigeria Bar Association (NBA), at the Eko Hotels and Suites on Victoria Island.

To achieve the aim, Sanwo-Olu said his government had identified key areas to drive growth, stating that investment in infrastructure remained prominent. 

He said: “As Africa’s most populous city, with a population larger than several countries on the continent, but confined to a space that is less than 4,000 square miles in size, Lagos is confronted by problems that exert great pressure on its infrastructure, especially our transport infrastructure and public utilities.

“Lagos urgently needs to mobilize huge investments into these critical sectors by delivering new roads and bridges, expanding air and sea ports’ capacity, exploiting the potential of our vast waterways. And, very importantly, Lagos needs to deliver an intra-city rail network. We must have a city-wide rail system that will move people and goods faster.” 

Steady electricity, Sanwo-Olu pointed out, remains critical to delivering a smart city with a flourishing economy. He observed that Lagos, like other states, still had a huge gap to fill in the area of power supply to businesses and homes.

The Governor said a sustained but strategic investment in key infrastructure would have direct positive impacts on workers’ productivity, commerce and economy.

He said: “Provision of infrastructure creates jobs for artisans, engineers and other workers who will deliver these projects, and also for the contractors who supply raw materials. And by expanding our transport and power supply capacities significantly, we will succeed in unleashing the economic productivity long-constrained by these bottlenecks.”

Sanwo-Olu said the effort required private sector partnership and investment to deliver on the objectives. He urged local and international investors to leverage the government’s Public Private Partnership (PPP) policy in facilitating collaboration, which, he promised, would be mutually beneficial.

While the Governor re-assured investors that his government would create “friendly atmosphere” for investment to thrive, he said the state had embarked on reforms in its business law to protect the interests of all parties when disputes arise in business.

He added: “By leading the way with these reforms, we are making the point that we understand the place of Lagos in the national economy, and we understand the connection between confidence in legal and regulatory systems on the one hand, and, on the other hand, a willingness by investors to invest.

“In terms of the business regulatory environment, we are fully aligned with the Federal Government’s Ease of Doing Business reform agenda. I am pleased to note here that Lagos was in 2018 adjudged by the World Bank as one of the most improved states in terms of the Ease of Doing Business.”

Sanwo-Olu praised members of the NBA’s Business Law section for choosing Lagos as its choice location to discuss the objectives of the business conference.

Continue Reading

NEWS

PhotoNews:The Speaker, House of Representatives, Rt. Hon. Femi Gbajabiamila with Chief Dennis Otuaro

Published

on

The Speaker, House of Representatives, Rt. Hon. Femi Gbajabiamila with Chief Dennis Otuaro at the reception party organized for the Speaker by the Lagos State Government at the Eko Hotels and Suites, Victoria Island, Lagos on Sunday, June 23, 2019.

Continue Reading





FOLLOW US ON TWITTER

Trending