Nigerian National Petroleum Corporation Contribution To Federation Account Dropped By N13 Billion

The total contribution of the Nigerian National Petroleum Corporation (NNPC) to the federation account dropped by N13 billion in September 2021. The Corporation made this known in a document detailing its monthly remittances to the Federation Account Allocation Committee (FAAC).

According to the document, NNPC remittance to the federation account amounted to N67.53 billion in the month under review.

In August, the oil firm remitted N80.03 billion to the federation purse, as indications showed it remitted N38.6 billion, N47.1 billion, and N67.2 billion in May, June, July, respectively.

In April, the Corporation did not remit revenue to the federation account due to the burden of petroleum shortfall, also known as under-recovery (fuel subsidy).

The document also showed that NNPC had spent N864.07 billion year-to-date to cater for under-recovery.

In the month under review, NNPC paid N149.28 billion as subsidy payment — much lower than N173.13 billion in August.

–  SunNews