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NNPC remittance to government fell by 92% in October

NNPC, First E&P Joint venture impact lives of less privileged with N50m donation

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

According to the Corporation’s monthly financial and operations 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 the months of May-September respectively.

Read Also: Nigerian states in more trouble as NNPC deducts N215bn from September FAAC remittance

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.

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.

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.