{"id":89583,"date":"2021-12-06T07:33:50","date_gmt":"2021-12-06T06:33:50","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=89583"},"modified":"2021-12-06T19:34:30","modified_gmt":"2021-12-06T18:34:30","slug":"subsidy-hits-n199bn-as-nigeria-records-zero-revenue-from-oil-export","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/subsidy-hits-n199bn-as-nigeria-records-zero-revenue-from-oil-export\/","title":{"rendered":"Subsidy hits N199bn as Nigeria records zero revenue from oil export"},"content":{"rendered":"<div id=\"m#msg-f:1718385584350553525\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Nigeria got no revenue from crude oil export in the month of October, despite an average daily oil production of 1.417 million barrels in the month of September, latest report by the Nigeria National Petroleum Corporation, NNPC, has shown.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">NNPC in its report to the Federation Account allocation Committee, FAAC, released at the weekend, disclosed that petrol subsidy for October was N199 billion.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<p>&#8216;\u2019The amount would be deducted from November revenue due to FAAC in December,\u2019\u2019 the corporation stated.<\/p>\n<p>According to the report, \u201cthe overall NNPC crude oil lifting of 11.49Mbbls (export &amp; domestic crude) in September 2021 recorded 98.5 percent increase relative to the 5.79Mbbls lifted in August 2021.\u00a0 Nigeria recorded 1.417 million daily production in September, 2021\u201d.<\/p>\n<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<p>On export of crude oil, the report added: \u201cNo crude oil export revenue for the month.\u00a0\u00a0\u00a0 Domestic gas and other receipts in the month was N6.78 billion.<\/p>\n<p>\u2018\u2019The Domestic Gas (NGL) in the month was N4.07 billion. NLNG: Feedstock valued at $59.43 million was sold to NLNG during the period out of which $52.57 million was received during the month. The difference being MCA obligations, Gas reconciliation and credit notes.<\/p>\n<\/div>\n<div dir=\"auto\">\u201cOther receipts: The sum of $95.63 million, being miscellaneous receipts, gas and Ullage fees and Interest income was received in October 2021.\u201dNNPC explained that \u201cthe sum of N252,968,629,898.13 was the gross domestic crude oil and gas revenue for the month of October, 2021.<\/p>\n<\/div>\n<div dir=\"auto\">\u201cThe recoveries were: Strategic Holding Cost and Pipeline repairs amounting to N7,757,631,778.84, Product losses worth N143,386,571.87 and value short fall of N163,709,314,928.61(This comprised the N123,709,314,928.61 for September 2021 and N40,000,000,000.00 value shortfall deferred in June 2021.\u201cThe October, 2021, value shortfall of N199,007,758,422.75 is to be recovered from the November, 2021 proceeds due for sharing at the December, 2021 FAAC meeting.\u2019\u2019<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Nigeria got no revenue from crude oil export in the month of October, despite an average daily oil production of 1.417 million barrels in the month of September, latest report&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":74173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-89583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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