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NNPC fails to remit revenue to govt for seven straight month, despite N2.8trn income

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The Nigerian National Petroleum Company Limited (NNPC) has failed to make remittances into the federation account for seven straight months in 2022.

This is despite a gross revenue of over N2.8 trillion from crude oil, and gas sales within the period.

This revelation was obtained from NNPC’s presentation to The Federation Accounts Allocation Committee (FAAC) for July 2022.

NNPC was expected to pay into the federation N1.23 trillion, which will then be distributed to the three tiers of government.

The NNPC, however, noted that it deducted the funds meant to be remitted to the FAAC to cover petrol subsidy over the months, resulting in zero revenue remittances.

Read also: NNPC Limited claims petrol will sell at N462/litre without subsidy

Data obtained from the report showed that the country spent N2.04 trillion on petrol subsidy over a seven-month period, with N1.04 trillion carried forward.

A breakdown shows petrol subsidy payments totalled N210.38 billion, N219.78 billion, and N245.77 billion in January, February, and March 2022, respectively. The country spent N271 billion, N327.07 billion, and N319.18 billion in April, May, and June, respectively.

The sum of N448.78 billion was deducted in July, which remains the highest monthly outlay since last year.

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