According to data obtained from the NNPC on Thursday, the Nigerian National Petroleum Company Limited has spent a total amount of $3.21bn (N1.322tn), on the Federal Government’s priority oil sector projects in 2021.
Also, data showed that the company experienced a funding decline of $2.686bn in the amount needed to fund the selected priority projects.
An analysis of the NNPC’s Statement of Joint Venture Recovery and Government Priority Projects indicated that from January to November this year, the oil firm consistently made monthly expenses on the projects.
The NNPC also reported shortfalls in its projects financing monthly during the period that was reviewed.
The NNPC required $5.896bn for calenderised cost recovery and government priority projects during the period under review, the data showed.
It, however, stated that the actual functional dollar funding level for the projects for the 11 months was $3.21bn, leaving a deficit of $2.686bn.
More analysis of the data revealed that in the months of January, February, March, April and May, the NNPC expended $276.42m, $252.91m, $307.65m, $239.28m and $392.24m respectively.
The oil company made investments of $202.26m, $240.68m, $352.16m, $380.89m, $355.04m and $210.74m in June, July, August, September, October and November of 2021.
On funding gap, the report revealed that deficits of $259.62m, $283.13m, $228.39m, $296.76m and $143.8m were recorded in the months of January, February, March, April and May of this year.
Also, for the months of June, July, August, September, October and November, the funding shortfalls were $333.78m, $295.36m, $183.88m, $155.15m, $181m and $325.21m respectively.
The report listed 24 oil sector projects as being the priority government projects being financed by the NNPC.
