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Market Digest Nigeria

Economy

NAPIMS spends N21bn searching for oil

oil

Nigeria spends N21bn searching for oil, others in January.

oil

The National Petroleum Investment Management Services, (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) has disclosed it incurred N126.17 billion expenses in January. Out of the sum, N21.47 billion was spent on oil search in the frontier basins, rehabilitation of the nation’s refineries, and the Nigeria-Morocco gas pipeline.

NAPIMS disclosed this in its February presentation to the Federation Account Allocation Committee (FAAC). Giving a breakdown of the expenses, NAPIMS revealed N8.33 billion was spent on rehabilitation of refineries; pre-export financing received N5 billion.

Other funded items listed include N1.96 billion funding for the frontier exploration services involves the search for hydrocarbons in inland basins, especially in the north, N3.17 billion for the National Domestic Gas Development and Gas N2.39 billion on Infrastructure Development.

Also, Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing cost N402.69 million; Renewable Energy Development financing gulped N119.83 million while N83.33 million financing was provided for the Nigeria-Morocco pipeline.

Compared with the previous month, the NNPC spent a total of N20.23 billion on all the projects, with the refineries getting N8.33 billion while N4.19 billion and N3.17 billion were spent on the national domestic gas development and gas infrastructure development respectively.

Despite the expenses, the report revealed that N90.85 billion was remitted to the federation account in January.

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