The N322.45 billion crude oil proceeds generated from four international oil companies is to be released to the Federation Account this month (April).
The companies include Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company, and First Exploration and Production.
The Nigerian National Petroleum Company Limited (NNPC) disclosed this to members of the Federation Account Allocation Committee in its presentation at the last FAAC meeting of March 22, 2022.
The amount, according to NNPC, was for January 2022 domestic crude oil payable in April 2022 by the NNPC, adding that this was in line with the NNPC’s 90 days payment term.
It said N68.1bn for 1.88 million barrels of crude would come from Chevron, while N65.6bn for 1.899 million barrels would be paid by Mobil.
The NNPC report further indicated that Shell would remit N163.24bn for 4.696 million barrels of crude, while N25.52bn for 682.45 million barrels of oil would come from First E&P.
