NNPC Remittances to FG Continues to Decline as Company Pays Nigerian Government N10.5bn in November

NNPC Remittances to FG Continues to Decline as Company Pays Nigerian Government N10.5bn in November

  • NNPC's remittances to the government of Nigeria has been on a downward spiral since this year as the country prepares for fuel subsidy removal
  • In the month of November, it gave the Nigerian government 10.5 billion, one of the lowest so far this year
  • According to the agency, payments used for subsidy in march will written off and therefore, no payment for the federal government in April

As the Nigerian government thinks of removing petrol subsidy next year, the country’s National Petroleum Company (NNPC) has continued to remit less amount of money to the federation account.

The lowest of the low

The NNPC remitted the sum of N10.54 billion to the Federation Account Allocation Committee (FAAC) in November 2021 from the proceeds of sales of crude oil and gas in October.

NNPC Managing Director, Mele Kyari
NNPC Managing Director, Mele Kyari Credit: Mele Kyari
Source: Facebook

It gave this account during a presentation to FAAC for the month of December 2021, a report by Nairametrics says.

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Remitted net revenue to the federation account was low by 29.1 per cent as compared to N14.85 billion recorded in the previous month. The money given to the government continues to decline in three months which hit a record low in the period under review.

A dry purse in April

Year-to-date remittances, the NNPC has remitted a sum of N522.2 billion to Nigeria’s account, showing a reduction of N1.78 trillion in the year.

No payments were made for the month of April after the NNPC spent N111.97 billion on petrol subsidy consumption in the month before.

The Chief Financial Officer of NNPC, Umar Isa explained in a letter that the payments pent on subsidy in March would be net-off from oil and gas in April due in May which left no balance for FAAC.

A total of $132.77 million which is other receipts, Gas and Ullage fees and Interest income was received in November 2021.

History made

Legit.ng reported that President Muhammadu Buhari has received the Certificate of Incorporation of the Nigerian National Petroleum Corporation (NNPC).

He was presented with the certificate by the Minister of State for Petroleum, Timipre Sylva, Registrar Corporate Affairs Commission, Alhaji Garba Abubakar and NNPC Group Managing Director, Mele Kyari, at the State House, in Abuja on Friday, October 8.

Photos of this report were shared on the Facebook page of a presidential media aide, Buhari Sallau.

Source: Legit.ng

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