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Nairaland Forum / Nairaland / General / Politics / NNPC Remits N1.26 Trillion To Federation Account (7935 Views)
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NNPC Remits N1.26 Trillion To Federation Account by Onyemadonald(m): 6:14am On May 22, 2019 |
The Nigerian National Petroleum Corporation (NNPC) said it met its financial obligations to the Federation Account last year by remitting N1.26 trillion as against the N1.22 trillion projected in the 2018 budget, recording a surplus of N41billion. The Managing Director, NNPC Capital, Mr. Godwin Okonkwo, disclosed this during a presentation to the House of Representatives Ad Hoc Committee on the Investigation of the Non-Remittances of Funds to the Federation Account by the corporation between July 2017 and December 2018 at the National Assembly Complex in Abuja. A statement by NNPC explained that Okonkwo represented Group Managing Director of the Corporation, Dr. Maikanti Baru. It said though 2.3million barrels per day (mbpd) was proposed in the 2018 budget, national daily production for the period under review oscillated between 1.9mbpd to 1.89mbpd. Baru listed the two sources of inflows into the Federation Account from the NNPC to include equity crude oil sales less cost of recovery from the Joint Venture cash call arrears and domestic crude less cost recovery, adding that the JV cash call arrears were being efficiently managed now to ensure steady inflows to the Federation Account. Baru said: “The current management of NNPC ensures that it contributes to the cost of the production of crude oil and gas in the upstream sector to avoid a repeat of the mistakes of the past. If we had made cash call payments in the past, the arrears that we are liquidating now would not have arisen. The current situation creates a win-win scenario for the country. The NNPC is strategically saving for the rainy day to make a better future for all of us by liquidating the arrears.” He noted that the corporation on a regular and sustained basis balanced up with the Federation Account Allocation Committee (FAAC) and the JV cash calls in order to make sure that the future generations do not suffer from the legacy debt. He dismissed the allegations of Commissioners of Finance of under-remittances by the Corporation, adding that the NNPC was a going concern that met financial obligations to its various stakeholders. SOURCE: https://www.trendingaccounting.com/2019/05/nnpc-remits-n126-trillion-to-federation.html 1 Like
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Re: NNPC Remits N1.26 Trillion To Federation Account by daddytime(m): 6:24am On May 22, 2019 |
Wow... This is a drop in the ocean though compared to what the corporation could realise but still impressive. If only we would do away with the culture of waste and embezzlement, I see no reason why our citizens would be running away to go slave off and indulge in shady means of survival in countries world over. Just imagine receipts from Customs, FIRS and NNPC alone... Nigeria shall be great again...I'm a hopeless optimist in my one and only country. May God bless and heal my land including her citizens.. 28 Likes 5 Shares |
Re: NNPC Remits N1.26 Trillion To Federation Account by MANNABBQGRILLS: 6:26am On May 22, 2019 |
The Nigerian National Petroleum Corporation (NNPC) said it met its financial obligations to the Federation Account last year by remitting N1.26 trillion as against the N1.22 trillion projected in the 2018 budget, recording a surplus of N41billion. This is UNPRECEDENTED in the history of Nigeria! God bless our President MUHAMMADU BUHARI, a man after God's heart. Slow and steady we will get to a New Nigeria. God bless Nigeria. 41 Likes 9 Shares |
Re: NNPC Remits N1.26 Trillion To Federation Account by nwimo22(m): 6:26am On May 22, 2019 |
Amazing 5 Likes 1 Share |
Re: NNPC Remits N1.26 Trillion To Federation Account by MANNABBQGRILLS: 6:27am On May 22, 2019 |
Now, let us gently wait for the Wailers, AKA troublemakers, AKA Children of hate and perdition, AKA pessimists, AKA, haters of any good news! AKA HANDICAPS (thanks to Jagaban and Bet9ja!) Your Lagos State PDP Chairman just added to your numerous titles yesterday , N o F uture A mbition! They will soon be here with their witchcraft and hatred for their country. We go soon pursue all of una go Cameroun behind Atiku Mboma! PDP thieves would have shared 95% of this money among themselves sharply! Na dem way!! To a better Nigeria we go, if you don't want to move to the NEXT LEVEL, go back to ya villages! Chikena! Slow and steady we will get to a New Nigeria. God bless Nigeria. 21 Likes 7 Shares |
Re: NNPC Remits N1.26 Trillion To Federation Account by cvibe2: 6:27am On May 22, 2019 |
Anybody can say anything. How do we confirm and verify? 6 Likes |
Re: NNPC Remits N1.26 Trillion To Federation Account by Igboboy59(m): 6:29am On May 22, 2019 |
An applaud for them 2 Likes |
Re: NNPC Remits N1.26 Trillion To Federation Account by Iwanttoto1: 6:29am On May 22, 2019 |
[quote author= post=78604069] No talk rubbish wetins go make me vex with u dis morning. 1 Like |
Re: NNPC Remits N1.26 Trillion To Federation Account by helinues: 6:29am On May 22, 2019 |
41bn surplus.. Not bad 1 Like |
Re: NNPC Remits N1.26 Trillion To Federation Account by hisexcellency34: 6:30am On May 22, 2019 |
I can't wait for Atiku to become President and sell this good for nothing NNPC 2 Likes |
Re: NNPC Remits N1.26 Trillion To Federation Account by Onlinealaba(m): 6:30am On May 22, 2019 |
They keep remitting this and that with no effect on the common man on the street..no infrastructure and no industries..but they will keep building prison prison Check my signature, get your electronics, SMART TVs, air conditioners, washing machines and sound bars at affordable rate,payment on delivery, BUY4ME services available too with POD option 3 Likes |
Re: NNPC Remits N1.26 Trillion To Federation Account by MANNABBQGRILLS: 6:30am On May 22, 2019 |
cvibe2:Mr Confirmer, Here is NNPC CONFIRMED address. You can take the nearest Okada to go and CONFIRM! Safe Trip! NNPC Towers, Central Business District, Herbert Macaulay Way, P.M.B. 190, Garki, Abuja. 26 Likes 8 Shares |
Re: NNPC Remits N1.26 Trillion To Federation Account by lexy2014: 6:30am On May 22, 2019 |
cvibe2: When u hear that they need loan from China 4 Likes |
Re: NNPC Remits N1.26 Trillion To Federation Account by bluefilm: 6:30am On May 22, 2019 |
post=78604055: Welcome to the #NEXTLEVEL 5 Likes |
Re: NNPC Remits N1.26 Trillion To Federation Account by adekayo1234(m): 6:31am On May 22, 2019 |
I know lots of people will want to see this as an achievement but trust me, these guys makes far more than that. Nigeria is going nowhere until corruption is reduced to the barest minimum, and until we start prioritizing competence over nepotism 6 Likes 1 Share |
Re: NNPC Remits N1.26 Trillion To Federation Account by Ayoswit(f): 6:31am On May 22, 2019 |
It's a good development if it's true. 1 Like |
Re: NNPC Remits N1.26 Trillion To Federation Account by MANNABBQGRILLS: 6:32am On May 22, 2019 |
bluefilm:You are Welcome to a New Nigeria. 6 Likes 4 Shares
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Re: NNPC Remits N1.26 Trillion To Federation Account by Naughtytboy: 6:33am On May 22, 2019 |
post=78604055:zombie 2019pie 4 Likes |
Re: NNPC Remits N1.26 Trillion To Federation Account by papascode: 6:35am On May 22, 2019 |
If Nigeria produces 1.89 mbpd then NNPC has over under reported. NNPC should be raking in 1 trillion naira monthly going by crude sales and royalties plus investments in call deposits and flying papers. 5 Likes 1 Share |
Re: NNPC Remits N1.26 Trillion To Federation Account by martineverest(m): 6:37am On May 22, 2019 |
NNPC Is remitting for the first time.......that's weird |
Re: NNPC Remits N1.26 Trillion To Federation Account by OritaIbadan: 6:38am On May 22, 2019 |
Will it make any differnce? Will it stop the government from shifting blames? This is not our first time of hearing big amounts, with Buhari as the president no hope in sight. 1 Like |
Re: NNPC Remits N1.26 Trillion To Federation Account by anonimi: 6:38am On May 22, 2019 |
post=78604055: Praisesinging wee not kee you there. Say Amen. Why not pause and ask yourself why the 36 states were protesting the non-remittance by NNPC? Who is stealing the money? Can it be the petroleum minister, barawo Bubu and his cabal For The Fourth Time Running, FAAC Meeting On NNPC Remittance Hits Brick Wall 1 Like |
Re: NNPC Remits N1.26 Trillion To Federation Account by martineverest(m): 6:39am On May 22, 2019 |
adekayo1234:true..but don't forget NNPC has never remitted their earnings until recently 8 Likes 1 Share |
Re: NNPC Remits N1.26 Trillion To Federation Account by Onyemadonald(m): 6:39am On May 22, 2019 |
cvibe2:Do you also confirm herdsmen attack news? 4 Likes 1 Share |
Re: NNPC Remits N1.26 Trillion To Federation Account by anonimi: 6:40am On May 22, 2019 |
Naughtytboy: www.nairaland.com/attachments/3073565_ctuafvju8aakuv5_jpeg49a942de8e3d1d388856e63d96b767a5 1 Like |
Re: NNPC Remits N1.26 Trillion To Federation Account by MANNABBQGRILLS: 6:40am On May 22, 2019 |
Onyemadonald:Lol , u dey mind dat one?! They are just so pathetic. 3 Likes 3 Shares |
Re: NNPC Remits N1.26 Trillion To Federation Account by Ebooksman2019(m): 6:42am On May 22, 2019 |
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Re: NNPC Remits N1.26 Trillion To Federation Account by Naughtytboy: 6:42am On May 22, 2019 |
anonimi:lol 1 Like |
Re: NNPC Remits N1.26 Trillion To Federation Account by richxchange: 6:43am On May 22, 2019 |
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