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


The Nigerian Nationwide Petroleum Firm Restricted (NNPC) has failed to make remittances into the federation account for seven straight months in 2022.

That is despite a gross revenue of over N2.8 trillion from crude oil, and fuel gross sales inside the interval.

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

NNPC was anticipated to pay into the federation N1.23 trillion, which can then be distributed to the three tiers of presidency.

The NNPC, nevertheless, famous that it deducted the funds meant to be remitted to the FAAC to cowl petrol subsidy over the months, leading to zero revenue remittances.

Learn additionally: NNPC Restricted claims petrol will promote at N462/litre with out subsidy

Knowledge obtained from the report confirmed that the nation spent N2.04 trillion on petrol subsidy over a seven-month interval, with N1.04 trillion carried ahead.

A breakdown exhibits petrol subsidy funds totalled N210.38 billion, N219.78 billion, and N245.77 billion in January, February, and March 2022, respectively. The nation spent N271 billion, N327.07 billion, and N319.18 billion in April, Could, and June, respectively.

The sum of N448.78 billion was deducted in July, which stays the very best month-to-month outlay since final 12 months.

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