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Only 17.4% of NNPC revenue was paid to federation account in 2021

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The Nigeria National Petroleum Corporation, NNPC has disclosed that only 17.4 percent of its N2.99 trillion revenue from January to November was paid into the federal account.

According to NNPC, most of the revenue was committed to oil exploration, subsidy and other various activities.

NNPC noted this in its December Federation Account and Allocation Committee (FAAC) report published on its website on Wednesday and obtained by Ripples Nigeria.

According to the report, 11 projects consumed over N2.47 trillion, leaving just N522.20 billion of NNPC income from January to November for the three levels of government to share.

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As expected, the biggest expenditure was fuel subsidy payment called, under recovery. This gulped N1.16 trillion in the 11 months period. The highest amount was paid in July (N173.13bn).

NNPC also spent N1 trillion on Joint Venture Cost Recovery(t1/t2) while National Domestic Gas Development also cost N42.4 billion followed by Gas Infrastructure Development N34.06 billion.

During the 11 months period NNPC revealed it spent N30.22 billion searching for oil under its frontier exploration services.

Other expenses include pipeline Security & Maintenance cost (N45 billion) Refinery Rehabilitation (N91.6 billion).

Other expenses include Pre-Export Financing (N55 billion) Crude Oil Pre-Export Inspection Agency Expenses (N8.77bn) and Nigeria Morocco Pipeline project (N0.83 billion).

In November, the most recent month, NNPC said it earned N225.89 billion out of which only N10.5 billion was paid to the government account after deductions for earlier stated various projects.

The report showed subsidy payment in November gulped N131.40 billion while N2.21 billion was committed to oil search.

The post Only 17.4% of NNPC revenue was paid to federation account in 2021 appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

Source: NEWS

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