NNPC confirms zero revenue projection

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Following a leaked correspondence from the Nigerian National Petroleum Corporation (NNPC) to the Accountant General of the Federation that the fuel subsidy has wiped off oil revenue, the NNPC has come out to confirm the status of the revenue from oil.

The NNPC said in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru, recently via its verified Twitter handle that the letter was “inappropriately shared by an unscrupulous person”, fueling reports of impending revenue shortfalls with dire consequences for the various tiers of government.

The statement confirmed that fuel subsidy had wiped off oil revenue, as widely reported.

In the letter, the NNPC said it would deduct N112 billion from oil and gas proceeds for April to ensure continuous supply of petroleum products to the country and guarantee energy security.

That means there will be no oil revenue for the federal government to share with the states and local governments.

The press release said the clarification became necessary in the light of media reports that the corporation was in financial straits.

The statement said the NNPC is conscious of its role and is doing everything possible to shore up revenues and support the federation at all times.

“The shortfall will be remedied by the Corporation as it relates only to the Federation revenue stream being managed by the NNPC and does not reflect the overall financial performance of the Corporation,” it said.

“The NNPC remains in positive financial trajectory for the period in question.”

The Corporation pledged to continue to pursue and observe its cost optimisation process with a view to maximizing remittances to the federation account.

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