NEITI explains how states and LGAs shared N8.8 trillion in 24 months, while seeking a probe into NNPC deductions. The report also highlights the percentage of domestic and export crude sales during the period.
How states, LGAs shared N8.8trn in 24 months — NEITI ·Seeks NNPC probe over deductions By Obas Esiedesa, Abuja receipts during the same period was N6.05 trillion. The difference of N0.56 trillion was attributed to the cost of collection from prior period sales. NEITI explained that sales refer to crude oil lifted for which payments are yet to be received.
“The NNPCL records sales in the month they are made but has a 90-day window for receipt of domestic crude sales and 30 days for export sales”, it added. It stated that receipts from crude sales accounted for N4.77 trillion or 78.82 percent of total sales with domestic crude representing 67.32 percent and export crude 11.50 percent of total receipts during the period. Overall, domestic receipts contributed the highest to total receipts with an inflow of N4.33 trillion or 71.53 percent out of the N6.05 trillion received during the period.“This implies that bulk of Nigeria’s crude production is purchased by companies operating in Nigeria with less than 30 percent exported directly by the (NNPCL)
States Lgas N8.8Trn NEITI NNPC Deductions Crude Oil Sales Receipts Export Domestic
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