3 refineries gulp N10bn in June, processed zero crude - NNPC report —
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3 refineries gulp N10bn in June, processed zero crude – NNPC report

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…puts remittance to FAAC at N1.87trn in one year

Nigerian National Petroleum Corporation, NNPC, in its latest report revealed that it has suffered various levels of losses with operating deficit on the non-functional refineries standing at over N10 billion.

According to the corporation, for the month under consideration, it remitted a total of N1.87 trillion to the Federation Account Allocation Committee, FAAC, between June 2019 and June 2020.

The full financial report for June also showed that compared to May, NNPC’s operating revenue increased by 32 percent, but that was wiped out by the corporation’s cumulative expenditure, which equally went up by 32.8 percent.

It also report that the payments are made to the Federation Account by NNPC after the adjustment of crude and product losses as well as pipeline repairs and management cost incurred during the period.

The corporation further disclosed, “In June 2020, NNPC remitted the sum of N68.42 billion to the Federation Account Allocation Committee FAAC. From June 2019 to June 2020, total NNPC remittances to FAAC are N1.870.13 trillion. Out of this, Federation and JV Joint Venture with government priority projects received the sum of N845.42 billion and N1.024 trillion, respectively.

“June 2020, group operating revenue as compared to May 2020, increased by 32.05 per cent or N76.39 billion to stand at N314.72 billion.

“In the same trends the expenditure for the month increased by 32.80 per cent or N77.30 billion, at N312.95 billion. This month June expenditure as a proportion of revenue is marginally below par at 0.99; just as was recorded in the previous month.” NNPC further said it experienced a lower trading surplus of N2.12 billion compared to the N2.68 billion surplus in May 2020, when the world began a fragile recovery from the impact of the COVID-19 pandemic.

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