Nigeria ’s oil and gas sector recorded total revenue of $4 .29 billion ( N 1 .554 trillion) from exports between January 2017 and January 2018 .On a monthly basis , total export sale of $439 . 60 million was recorded in January 2018 , representing 1 .79 per cent lower than the previous month.

The Nigerian National Petroleum Corporation ( NNPC) , which made this known in its January financial report released recently , said total export receipt of $ 434 .12 million was recorded in January 2018 against $476 . 25 million in December 2017.

It disclosed that contribution from crude oil amounted to $ 305 .76 million while gas and miscellaneous receipt stood at $ 113 .14 million and $15 .22 million respectively . Of the export receipts, $ 106 .68 million was remitted to the Federation Account , while $ 327 .44 million was remitted to fund the Joint Venture ( JV ) cost recovery for January, to guarantee current and future production .

NNPC stated that the domestic crude oil and gas receipt during the month amounted to N 111 .74 billion, consisting of N 108 .98 billion from domestic crude oil , and N 2 .75 billion from domestic gas.

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It also revealed that the Corporation had signed two sets of alternative financing agreements with NNPC/Chevron Nigeria Limited ( CNL ) JV , and NNPC/ Shell Petroleum Development Company ( SPDC) JV on Joint Venture ( JV ) projects expected to generate incremental revenues of about $16 billion within the assets ’ life cycle .