The Nigerian National Petroleum Company (NNPC) has revealed that it did not make any revenue earnings from crude oil export in the month of October.
This is just as fuel subsidy gulped N199 billion in October.
In its November 2021 FAAC report released over the weekend, NNPC also disclosed that the country produced an average of 1.417 million barrels per day in the month of September.
The state-owned corporation also said it paid N14.85 billion to the federation account allocation committee (FAAC) account for the month under review.
It explained that the value shortfall for petrol will be deducted from November 2021 proceeds meant to be remitted to FAAC in December.
“The October 2021 value shortfall of N199,007,758,422.75 is to be recovered from the November 2021 proceeds due for sharing at the December 2021 FAAC meeting,” NNPC said.
In the last 10 months, NNPC failed to meet its revenue projection of N2.09 trillion and was only able to remit N511.66 billion into the federation account, representing a 75 per cent shortfall.
In April, the corporation did not remit any amount of its oil and gas proceeds to FAAC due to the pressure of funding fuel subsidy.
