NNPC
The Nigerian National Petroleum Corporation (NNPC) yesterday told the National Assembly that it remitted N1.26tr as against the N1.22tr projected in the 2018 budget to the Federation Account in 2018.It said the corporation also recorded N41b surplus in meeting its financial obligations to the Federation Account.
Managing Director of NNPC Capital, Godwin Okonkwo, who represented the corporation’s Group Managing Director, Dr. Maikanti Baru, disclosed this when he appeared before House of Representatives Ad-Hoc Committee on Investigation of Non-Remittances of Funds to the Federation Account by the NNPC between July 2017 and December 2018.
He said although government proposed 2.3m barrels per day (mbpd) in the 2018 budget, national daily production for the period under review was between 1.9mbpd and 1.89mbpd.Baru explained that the two sources of inflows into the Federation Account from the NNPC were equity crude oil sales less cost of recovery from Joint Venture (JV) cash…
