NNPC refunds N18.99 billion to government

NNPC refunds N18.99 billion to government

The Federal Government received N18.99 billion from the Nigerian
National Petroleum Corporation (NNPC) during the second quarter of
2016, being installmental refund of the corporation’s indebtedness to
the government.

The Central Bank of Nigeria (CBN), which made this disclosure in its
second quarter report, added that the sum of N7.86 billion was equally
distributed as exchange gain among the three tiers of government as
13 per cent Derivation Fund.

A breakdown of the allocation showed that Federal Government
received N3.68 billion; State Governments, N1.87 billion; Local
Governments, N1.44 billion; and 13 per cent Derivation Fund (N0.88
billion).

CBN disclosed that Nigeria’s crude oil production, including
condensates and natural gas liquids, was estimated at an average of
1.54 million barrels per day (mbd) or 141.68 million barrels (mb) for
the second quarter of 2016.

This, it said, represented a decline of 0.37 mbd or 15.4 per cent,
relative to 1.82 mbd or 165.62 million barrels produced in the first
quarter of 2016.

It stated that crude oil export stood at 1.09 mbd or 100.28 mb
representing a decline of 20.4 per cent, compared with 1.37 mbd or
124.67 mb, recorded in the preceding quarter.

It stated: “Supply disruptions owing to continued attacks on oil
installations by vandals accounted for the decline in crude oil
production. Deliveries to the refineries for domestic consumption
remained at 0.45 mbd or 41.40 million barrels during the review
quarter.

“At an estimated average of US$46.44 per barrel, the price of Nigeria’s
reference crude, the Bonny Light, rose by 35.0 per cent, compared with
the level in the preceding quarter. The average prices of other
competing crudes, namely the UK Brent at $45.29/b, WTI at $45.18/b
and Forcados at $46.05/b exhibited similar trends as the Bonny Light.

“The average price of OPEC basket of eleven selected crude streams,
at $42.38 per barrel, indicated an increase of 40.5 per cent, compared
with the average of $30.16 per cent recorded in the preceding quarter.

It, however, showed a decline of 28.5 per cent, compared with the
average of $59.31 per cent recorded in the corresponding quarter of
2015.

It disclosed that at 3,156 MW/h, estimated average electricity
generation in the second quarter of 2016 fell by 0.19 per cent,
compared with the level attained in the preceding quarter.

The apex bank noted that the development was attributed to the fall in
power generation in the various power plants due to vandalism.

According to the report, average estimated electricity consumption, at
2,989 MW/h, fell by 0.19 per cent, relative to the level attained in the
preceding quarter.