The Nigerian National Petroleum Corporation (NNPC) Limited has disclosed that it remitted a sum of N10.54 billion to the Federation Account Allocation Committee (FAAC) in November 2021.
The amount remitted is from the proceeds of the sales of crude oil and gas in the previous month.
This is according to the NNPC presentation to the Federation Account Allocation Committee (FAAC) for the month of December 2021.
The net revenue remitted to the federal account reduced yet again, this time by 29.1 per cent compared to N14.85 billion recorded in the previous month.
The amount has been on a continuous decline in the past three months, hitting a record low in the review period.
In terms of year-to-date remittances, the NNPC remitted a sum of N522.2 billion to the federal account, indicating a shortfall of N1.78 trillion so far in the year.
No remittances were made in the month of April after the NNPC spent N111.97 billion on petrol subsidy consumption for the previous month.
The Chief Financial Officer of NNPC, Umar Isa, in a letter, explained that the amount spent on subsidy in March would be net-off from oil and gas in April due in May leaving no balance for FAAC.
The sum of $132.77 million being miscellaneous receipts, Gas and Ullage fees and Interest income was received in November 2021.
Meanwhile, The Nigerian National Petroleum Company (NNPC) Limited says that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), generated a sum of N203.73 billion on the sale of white products in the month of July 2021.
This disclosure is contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), the 72nd edition of the Report released on Wednesday.
The report indicated that there was a 4% increase in Gas Production.
