NNPC made no dollar remittance to Federation Account for 8 Months

04 January 2016, Abuja – The Nigerian National Petroleum Corporation NNPC has swept all the proceeds it made from oil and gas exports since April, 2015 to service Joint Venture (JV) Cash Call funding, implying, according to the report, a zero remittance to Federation Account from its operations.

*NNPC Towers.

*NNPC Towers.

The oil company report made available yesterday showed that it’s losses rose to N255.28 billion from N240.98bn recorded in October. The firm’s loss for the month of November alone was N14.29bn up from N12.22bn recorded in October.

For instance, in November, the corporation recorded $402.55 million as proceeds from Crude oil sales, LPG, NLNG Feedstock as well as miscellaneous receipts.

It diverted all the $402.55 million receipts to fund JV Cash Call obligation. It said the $402.55m even fell short of the $615.8m monthly requirement to fund its JV cash call.

A total of N255.28bn was lost by the NNPC between January and November this year, latest figures from the firm’s monthly financial and operations report for November 2015 have s

  • Daily Trust
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