The Nigerian National Petroleum Corporation, NNPC says the zero revenue projection for May pertains only to the federation revenue stream it manages and not a reflection of its overall financial performance.
Kennie Obateru, the group general manager of NNPC public affairs division, disclosed this in a statement on Friday.
“The shortfall will be remedied by the corporation as it relates only to the Federation revenue stream being managed by the NNPC and does not reflect the overall financial performance of the Corporation,” the statement read.
“The NNPC remains in positive financial trajectory for the period in question.”
The corporation, in a letter to the accountant-general of the federation, had disclosed that its projected monthly remittance to the federation accounts allocation committee (FAAC) for May will be zero.
In the letter to the accountant-general, NNPC said N111.96 billion will be deducted from April 2021 oil and gas proceeds — due to the federation in May — noting that the deduction is necessary to ensure the continuous supply of petroleum products to the nation and guarantee energy security.
The corporation noted that the letter has fueled reports insinuating that it was in financial straits as well as claims of impending revenue shortfalls with dire consequences for the various tiers of government.
According to Obateru, the clarification became necessary to assure citizens that the NNPC remains conscious of its role and was doing everything possible to shore up revenues and support the federation at all times.
The NNPC pledged to continue to pursue and observe its cost optimization process with a view to maximizing remittances to the federation account.
SUBSCRIBE TO OUR YOUTUBE CHANNEL
Presbyterian Church Honours Flo FM Boss With Outstanding Kingdom Builder Award
Seven Persons Dead As Indonesia Tourists Capsize In Boat While Taking Selfie
Insecurity: Buhari To Discuss Issue With Macron In France
After Destruction Of Its Office In Gaza, Al-Jazeera Says It’ll Not Be Silenced
Southern States Not Safe, Leave Now – Miyetti Allah Tells Members
FG Declares Wednesday, Thursday As Public Holidays
Police Suspend Escorts For Governors, VIPs In South East, Rivers
NBM Takes Education Scholarship To Delta, Edo
There Was An Attempt To Burgle Buhari’s Chief Of Staff’s Residence – Presidency
Gunmen Attack Bende Police Station In Abia, Raze Down Building (Photos, Video)
METRO21 hours ago
Restructuring: Southern Governors’ Resolution In Nigeria’s Interest — Okowa
WORLD19 hours ago
Gaza Tower Housing Al Jazeera Office Destroyed By Israeli Attack (Video)
METRO21 hours ago
Rivers No-Go Area For Open Grazing, Wike Vows
METRO20 hours ago
President Buhari Jets Out To Paris Sunday
POLITICS18 hours ago
Senator Kalu Reacts, Says “Abaribe Has No Reason To Incite IPOB Against Me”
CRIME18 hours ago
Aba Residents Scamper For Safety As Army, Police Engage In Fight
BREAKING NEWS19 hours ago
Ndidi, Iheanacho Make Records As Leicester Beat Chelsea To Win FA Cup
Religion20 hours ago
Thieves Steal Bronze Statue Of Jesus Worth £20,000 From Church Garden