By Energy Worth
The Nigeria National Petroleum Corporation (NNPC) reporting template ordered by President Muhammadu Buhari to resolve remittance to the Federation Account will be ready next month, Minister of Finance Kemi Adeosun said on Thursday.
She told reporters at the end of the Federation Account Allocation Committee (FAAC) meeting yesterday that “what the President wanted was a monthly reconciliation of figures between the ministry of finance, Office of the Accountant General of the Federation (OAGF), Director, Home Finance and the Nigeria National Petroleum Corporation (NNPC).”
Mrs Adeosun noted that the proposed template will reduce, if not eliminate the type of friction that dogged FAAC two months ago.
For July, Mrs Adeosun said N714.809 billion was shared among the Federal, States and local government and beneficiaries of the 13 per cent derivation. This is lower than the N812 billion shared for June.
The beak down shows that N597.975 billion was shared as statutory benefits with the federal government receiving N269.825 billion, N136.859 billion to states, N105.512 billion to local governments councils, N44.964 billion was shared among states captured to benefit from the 13 per cent derivation from mineral revenue and N40.815 billion paid out as cost of collection/transfers/FIRS refund.
Another N79.807 billion was shared to the three tiers of government and some given to the FIRS. N25.027 billion was shared as proceeds of Forex Equalization, and N12 billion was additional funds from the NNPC to the federation account.
According to yesterday’s figures “crude oil export sales volume was 3.74 million barrels resulting in an increased revenue from federation crude oil exports sales by 0.17 million barrels when compared with the previous month’s sale volume of 3.57 million barrels.
Despite the improved revenue, production was negatively affected in the period by shut-Ins and shut-downs at various terminals for repairs and maintenance of aging facilities.
The finance minister said the balance in the Excess Crude Account stands at $2.332 billion.