NNPC Modifies Crude Swap Scheme
The Nigerian National Petroleum Corporation has disclosed that it adjusted its crude oil-for-product swap scheme known now as Direct Sale-Direct Purchase , to include not just oil volume allocated for domestic consumption, but also from the volume accruing to the Federal Inland Revenue Services -Petroleum Profit Tax .
A note obtained from the October 2019 edition of the corporation’s financial and operations report disclosed this information. In October 2018, the NNPC had disclosed that it has a $1.05 billion worth National Fuel Support Fund which it set up to ensure stability in the petroleum products supply. The total volume for the lifting between October 2018 and October 2019, according to the corporation were 3,330,334,274; 749,169,328; 4,144,098,171 and 7,653,977,583 barrels.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Group sues FG, NNPC over Osisioma pipeline explosionThe group claimed that “the oil companies did not provide relief materials and did not extend any financial help or compensation to families who desperately needed assistance.' Osisioma Nigeria
Read more »
Libya closes refinery due to lack of crude oil
Read more »
StackPath
Read more »
Group sues FG, NNPC over Osisioma pipeline explosionThe group claimed that “the oil companies did not provide relief materials and did not extend any financial help or compensation to families who desperately needed assistance.' Osisioma Nigeria
Read more »
Libya closes refinery as oil blockade leads to $1bn in lossesLibya’s National Oil Corporation (NOC) on Monday said a refinery in western Libya had been shut down due to lack of crude oil.
Read more »
Pension or perish - The Nation Latest Nigeria News, Nigerian Newspapers'An administration that has signally failed to demonstrate a capacity for shrewd economic management cannot reasonably expect organised labour not to be alarmed that it is planning to get its hands on hard-earned pension funds.'
Read more »