It was gathered that the corporation
had from July 2015 mandatorily transferred its monthly dollar earnings
from export of federation oil and gas into the joint venture account,
the one year transfers so far amounted to $3.42 billion, according to report, this was part of the corporation’s outstanding joint venture
debts.
According to the report, “the total export of crude oil and gas
receipt for the period of July 2015 – June 2016 stood at $3.42 billion.
Out of which the sum of $3.41 billion was transferred to JV Cash Call in
line with 2016 approved budget, and the balance of $0.487 billion was
paid to Federation Account,” said a portion of the report which was
lately released in Abuja.
A breakdown of the report portrays that in
July 2015, the corporation transferred $419.4 million to the cash call
pool; in August 2015, it paid $225.7 million; $272 million was paid in
September 2015; $445.8 million in October; $402.5 million in November;
and $197.2 million in December 2015.
Furthermore, it resumed the mandatory transfer in
2016 when it paid $407.9 million in January; $236.7 million in February;
$141.9 million in March; $300.6 million in April; $149.9 in May; and
then $219.3 million in June.
The NNPC also pointed out that its poor
transfer performance for the period was attributable to upsurge in
attack and sabotage of oil facilities in the Niger Delta.
It noted that the Forcados Terminal
alone had been shut since February 2016 following a force majeure
declared by Shell Petroleum Development Company (SPDC), and about
380,000 barrels per day (bpd) of crude oil shut in. THISDAY
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