TheCable

The total revenue generated by the Nigerian National Petroleum Corporation (NNPC) from crude oil and gas exports fell from $4.84 billion in 2019 to $2.62 billion in 2020.

This is a decline of 45.87 percent year-on-year.

Data obtained by TheCable from the corporation’s monthly financial and operations report has shown.

The decline in last year’s revenue for the corporation is attributed to low oil demand and prices as well as the COVID-19 pandemic which put heavy pressure on the sector’s output.

Although, the oil and gas sector accounts for half of the federal government revenues and over 90 percent of foreign exchange, it only represents less that 10 percent of Nigeria’s gross domestic product (GDP).

According to the data, the country’s earnings from oil and gas exports, which stood at $626.79 million at the beginning of 2020, fell to $125.25 million in December 2020.

NNPC recorded its lowest revenue for the year 2020 in October with $54.08 million.

Total revenue from oil and gas exports in 2020 stood at $282.32 million in February; $362.17 million in March; $193.05 million in April; $133.15 million in May; $378.41 million in June.

The oil and gas export revenue stood at $122.43 million in July; $100.87 million in August; $120.49 million in September; and $125.71 million in November.

Also, data indicated that the total sales proceeds of domestic crude oil and gas dropped by 2.55 percent to N1.53 trillion in 2020, down from N1.57 trillion in 2019.

In NNPC latest monthly report, the total export sale of crude oil and gas stood at $72.64 million in January 2021, decreasing by 17.43 percent compared to December 2020 at $87.97 million.

The breakdown showed that crude oil export sales increased by 3.53 percent from $23.48 million in the previous month to $24.31 million in January.

The gas export sales amounted to $48.32 million in the beginning of the year compared to $64.48 million (25.06 percent drop) contribution in December 2020.