NNPC made N2.9trn, spends N2.47trn on refinery rehabilitation, oil search others

Not only did the Nigerian National Petroleum Corporation Limited (NNPC) fail to meet its revenue target, out of the amount earned, 82.5 percent was spent.

Data obtained from its FAAC December report by Ripples Nigeria and analysed reveals that from January to November 2021 NNPC generated total revenue of N2.992 trillion. This is a 34 percent decline from N4.56 trillion projected for the period.

In fact, all through the months under review the corporation fell short of its targets.

The report shows that In January, NNPC generated a total of N195.62 billion but spent N104.76 billion. The highest amount was spent on JV Cost Recovery(N83.2bn).

For February NNPC reported N191.19 billion revenue but recorded N127.03 billion expenses out of which N79.5bn was spent again on JV cost recovery.

In the months of March April, NNPC said it made N224.59 billion, and N156.366 billion and also incurred N183.40 billion, N156.36 billion expenses respectively.

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Revenue generated in the months of May, June, July, August, September October, and November were N320.315 billion, N295.396 billion, N270.405 billion, N389.120 billion, N400.446 billion, N323.613 billion, N225.893 billion respectively.

NNPC also said it spent N281.70 billion, N248.23 billion, N203.12 billion, N309.09 billion, N332.91 billion, N308.763 billion and N215.36 billion respectively.

A bulk of these expenses went into the payment of subsidy which totaled N1.15 trillion in the 11 months period.

Due to these expenses, NNPC noted it could only remit to the federation account for the nine-month period N522.203 billion.

According to the report, the corporation remitted a total of N10.536 billion to the federation account in the month of November, out of the N209.3 billion monthly projection.

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

Nothing was remitted in April, but N38.60 billion, N47.162 billion, N67.28 billion, N80 billion, N67.53 billion, and N14.184 billion were remitted in months of May-October respectively.

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