Sahara, Tevier, NLNG, Others Owe FG $68.6m

Nigerian National Petroleum Corporation has not remitted $85.21m oil royalties into the Federation Account.

The NNPC according to a report, only remitted $16.56m of the money which was actually released by companies operating in the oil sector to the corporation.

In a breakdown of the outstanding $68.65m royalties, Sahara Energy Resources Limited had the highest unpaid royalties of $33.97m as of February, 2018.

The company is closely followed by Tevier Petroleum Limited with unpaid royalties of $12.92m.

Furthermore, others who have not paid their royalties are: Brittania U with $8.98m; Eterna Plc, $8.29m; Nigeria Liquified National Gas $0.93m, and Duke Oil Incorporate, $3.64m.

“A total of N74,067,185,437.92 was collected in the month of February 2018; this shows a negative variance of N1,939,889,304.24 or 2.55 per cent below the approved monthly budget,” the report read.

“Compared to the collection of N111,835,458,519.12 in January 2018, this sum (N74,067,185,437.92) – the February collection – was lower by N37,769,273,081.20 or 33 per cent.

“We were unable to meet the approved budget as a result of low collection from Concession Rentals and the PSC (Petroleum Sharing Contract) Royalty.

“Furthermore, we received a sum of $16,560,331.50 from the $85,942,414.62 expected from the PSC and the MCA (Modified Carry Agreement) lifting for the month under review, leaving $68,654,609.12 as outstanding.”