Letter to AGF: Revenue projection not reflection of our financial standing says NNPC

Following a letter it wrote to the Accountant General of the Federation(AGF) on revenue projection for April, the Nigerian National Petroleum Corporation (NNPC) on Friday, said this does not reflect its current overall financial performance.

The Corporation in a statement by its spokesperson, Dr Kennie Obateru, said the clarification became imperative following insinuations that the Corporation was in financial straits.

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

The Corporation stressed its commitment to shoring up revenues and supporting the Federation, while also pledging to pursue and observe its cost optimization process with a view to maximizing remittances to the Federation Account.

The NNPC, in a letter to the Accountant General of the Federation entitled: Re: Impact of Hike in Crude Oil Prices on the Deregulated Downstream Sector: projected Remittance to the Federation Account for April to June 202, had projected that it would deduct the sum of N112bn from Oil and Gas proceeds for the month of April 2021 to ensure a continuous supply of petroleum products to the country and guarantee energy security.

This has fueled reports of impending revenue shortfalls with dire consequences for the various tiers of government.

NNPC, however, assures that it would continue to meet its financial obligations to the Federation.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

We Have Not Had Water Supply In Months ― Abeokuta Residents

In spite of the huge investment in the water sector by the government and international organizations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital.  Revenue projection not reflection of our financial standing says NNPC  ;  Revenue projection not reflection of our financial standing says NNPC  ;  Revenue projection not reflection of our financial standing says NNPC  ;  Revenue projection not reflection of our financial standing says NNPC.