Petrol Subsidy Delays Funding of N26.2bn NNPC Projects


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•Pledges respect for environment in its operations
•NEITI, NNPC, DPR to Develop Framework on Contracts’ Transparency

Emmanuel Addeh in Abuja

The burden of under-recovery of petrol price currently being borne by the Nigerian National Petroleum Corporation (NNPC) may have begun to affect its operations as the national oil company failed to fund six of its scheduled projects in April.

NNPC is also to team up with the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Department of Petroleum Resources (DPR) to sign an agreement on a framework to ensure greater transparency in the oil and gas industry.

The funding performance from January to April, contained in the corporation’s presentation to the Federation Account Allocation Committee (FAAC) in May, showed that the gas infrastructure development, frontier exploration services and renewable energy development received zero allocation for the month.

In addition, the…

Source: Thisday Newspaper