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NNPC Rakes in N1.088tn Revenue in Five Months


Total income dips by N396bn
Emmanuel Addeh in Abuja
The Nigerian National Petroleum Corporation (NNPC) made a total revenue of N1.088.88 trillion in the first five months of 2021, a Federation Account Allocation Committee (FAAC) document detailing its operations for the period has shown.
The figure is N396.8 billion lower than the N1.485 trillion revenues it grossed in the first five months of 2020.
However, the corporation has resumed its frontier exploration services suspended in April.
But despite the gross revenue accruals, the corporation failed to fully meet its monthly funding obligation of N414.941 billion for its projects and operations for the period. ....

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Ondo reads riot act to cultists, reiterates ban on Okada operation

Ondo reads riot act to cultists, reiterates ban on Okada operation
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Petrol Subsidy Bites Harder, NNPC Proposes N114.3bn Deduction in June


Emmanuel Addeh in Abuja
Nigeria’s three tiers of government may have to look elsewhere to augment revenues accruing monthly from the Federation Account Allocation Committee (FAAC) as the Nigerian National Petroleum Corporation (NNPC) is set to make another N114.2 billion deduction from oil revenues in June to pay for petrol subsidy.
A document obtained by THISDAY from the Ministry of Finance, Budget and National Planning, detailing the NNPC’s presentation to the committee, which took place between June 22 and 23, indicated that as earlier reported, the corporation, which has continued to shoulder the payment of what it calls under-recovery, deducted N126.2 billion from FAAC for May. ....

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