NNPC fails revenue target, generates N2.99trn

The Nigerian National Petroleum Corporation Limited (NNPC) in the months of January to November 2021 generated total revenue of N2.992 trillion, representing a 34 percent decline from N4.564 trillion projected for the period.

According to the corporation’s monthly revenue and distribution report, the revenues generated fell short of target all through the period.

Out of N414.941 billion monthly revenue projection, the corporation generated a total of N195.624 billion in January, N191.194 billion in February, N224.589 billion in March, and N156.366 billion in April.

Revenue generated in the months of May, June, July, August, September October, and November were N320.315 billion, N295.396 billion, N270.405 billion, N389.120 billion, N400.446 billion, N323.613 billion, N225.893 billion respectively.

Similarly, the total amount remitted to the federation account for the nine-month period stood at N522.203 billion, out of N2.302 trillion projected.

According to the report, the corporation remitted a total of N10.536 billion to the federation account in the month of November, out of the N209.3 billion monthly projection.

Read also: Buhari inaugurates NNPC Board, demands transparency

The report showed that N90.86 billion was remitted in January, N64.161 billion in February, and N41.184 in March.

Nothing was remitted in April, but N38.60 billion, N47.162 billion, N67.28 billion, N80 billion, N67.53 billion, and N14.184 billion were remitted in months of May-October respectively.

According to the report, the strategic holding cost and pipeline repairs amounted to N174,518,095.89, while product losses were worth N2,065,202,202.03.

“The value shortfall for the month of November is N182,120,527,275.95, however the sum of N131,400,236,846.95 was recovered while N50,720,290,429.00 was deferred for recovery in the subsequent month to enhance federation remittance.

“The estimated value shortfall of N270,831,143,856.56 is to be recovered from December 2021 proceed due for sharing at the January 2022 FAAC meeting,” it stated.

This value shortfall consists of N220,110,853,427.56 for November and N50,720,290,429.00 deferred for recovery in December, 2021 FAAC Report.

Get real time updates directly on you device, subscribe now.