NNPC announces N1.29tn revenue shortfall in 9 months

Revenues earned by the Nigerian National Petroleum Corporation (NNPC) Limited fell N1.29 trillion short of expectations in the first nine months of 2021.

This is according to data obtained by Ripples Nigeria on Tuesday from the FAAC report published on the NNPC website.

According to the data analysis, 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: NNPC reveals cause of Lagos gas leakage

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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