The Nigerian National Petroleum Corporation (NNPC)’s remittance to the federation account declined by N13 billion in September 2021.
This was contained in a document breaking down the oil sector regulator’s monthly remittances to the Federation Account Allocation Committee (FAAC).
The document reveals that the corporation remittance to the federation totaled N67.53 billion in the month under review.
In August, the NNPC remitted N80.03 billion to the federation purse.
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Checks revealed that the NNPC in the months of May, June, July, remitted N38.6 billion, N47.1 billion, and N67.2 billion respectively.
Also, the document also showed that the state-owned oil firm had expended 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.
The 2021 budget did not make provision for subsidy payments, the corporation has been making deductions for subsidy payments from oil and gas proceeds due to the three tiers of government.
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