NNPC remits 92% less than projected to federation account in October

The Nigerian National Petroleum Corporation Limited has again fallen short of expectation in its monthly remittance to the federation account to a tune of 92 percent, as it remitted N14.85 billion out of N209.3 billion monthly projection.

According to the Corporation’s report, the N14.85 billion remitted in October represents the least amount remitted from January to October 2021.

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

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

This brings the total revenue remitted by the Corporation to N511.667 billion in 10 months, which shows a huge decrease from the N2.093 trillion projection for the 10 month period.

Read also: NNPC records N1.29 trn revenue deficit in 9 months

The gross total revenue also declined to N323.613 billion in the period, from its monthly projection of N414.94 billion.

According to the Corporation, no crude oil export revenue was recorded in the month under review, despite producing an average of 1.417 million barrels per day in the month of September.

Nigeria’s actual crude oil production has remained below the 2021 projection of 1.86mb/d as well as the Organization of Petroleum Exporting Countries quota.

Total production for the months January, February, March, and April were 1.58 mb/d, 1.62mb/d, 1.65mb/d, 1.63mb/d respectively.

Data from the OPEC monthly oil market report showed that Nigeria produced 1.41 mb/d, 1.39mb/d, 1.38mb/d, 1.27mb/d, and in the months of May, June, July, August, and September respectively, which falls below 1.54 OPEC production quota.

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