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.
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