Revenues generated by the Nigerian National Petroleum Corporation (NNPC) Limited fell short of expectation by N1.29 trillion in the first nine months of 2021.
According to the Corporation’s data, only about N2.44 trillion was actualised during the period instead of a gross income of N3.734 trillion projected, based on a monthly expected income of N414 billion with a projected gross annual revenue of N4.979 trillion.
The Corporation in January, made N195.62 billion revenue out of N414.9 billion projected for the month.
The revenue base further reduced to N191.19 billion in the month of February and increased to N225.58 billion in March.
Revenues for the months of April May, June, July were N156.36 billion, N320.3 billion, N295.39 billion and N270.4 billion respectively.
Read also: New NNPC, ownership structure and board appointments
Revenues for August and September increased significantly to N389.1 billion and N400.446 billion being the highest revenues generated in the period.
Similarly, the corporation fell short in its monthly obligation as it was only able to remit N82.2 billion, N79.5 billion, N75.8 billion and N125.33 billion in the months of January, February, March, April and May.
The Corporation in the months of June to September paid N56.6 billion; N70.4 billion and N104.5 billion and N147.501 billion respectively as against N172.66 billion monthly projection.
The report also showed that fuel subsidy for the period amounted to N864 billion, while pipelines security gulped N34.8 billion
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