The Nigerian National Petroleum Corporation (NNPC) says it recorded a revenue deficit of N1.29 trillion from January to September this year. This is according to NNPC’s September presentation to the Federation Account Allocation Committee (FAAC).

In 2021, the state oil company had forecasted a monthly revenue of N414.9 billion, resulting in a trajectory of N4.979 trillion for annual gross revenue but it has since recorded a shortfall of N1.29 billion in nine months.In the first nine months, NNPC revenue dropped to N2.44 trillion, below its projection of N3.73 trillion.

In January, its posted N195.62 billion revenue, lower than expected income by 112.12 percent. 

In February, it also recorded a dip in revenue at N191 billion and increased to N224.5 billion in March. 

In April, when oil prices were perpetually low, it recorded a sharp decline in revenue to N156 billion but recovered to N320.31 billion in May. 

In June and July, the corporation’s revenue fell to N295.39 billion and N270.40 billion, respectively.

In August, NNPC revenues bounced back, earning N389.1 billion and N400.44 billion at the end of September.

Despite these meagre earnings, NNPC deducted N25.37 billion in February as PMS under-recovery, also known as fuel subsidy. In March, it spent N60.39 billion and N61.99 billion in April. In May, it followed suit with N126.29 billion and N164.33 billion was pulled out in June. In July, it paid N103.28 billion and 173.13 billion in August.

In September, it paid 149.28 billion, amounting to N864.07 billion as fuel subsidy payments in nine months.

These monthly deductions affected its monthly revenue committed to the FAAC account, resulting in a deficit of N1.38 trillion in nine months.

https://www.thecable.ng/nnpc-records-n1-29trn-revenue-deficit-in-9-months Lalasticlala

Racoon:


https://www.thecable.ng/nnpc-records-n1-29trn-revenue-deficit-in-9-months

This NNPC who has become road contractors. What a failed nation with misplaced priorities.
Is it not same NNPC that declared surplus in the year of pandemic?

...Nasir el Rufai, has said Nigeria must do away with its “corrupt” oil company, the Nigerian National Petroleum Corporation, NNPC, or stand the risk of itself being destroyed.“If you don’t kill the NNPC, it will kill Nigeria,”

Mr. El-Rufai said the NNPC has become so entrenched in corruption that the only way out for Nigeria is not to attempt to salvage the corporation, but to destroy it and create a new oil company.He said he hoped President Muhammadu Buhari will implement that proposal.

He said NNPC has become so corrupt and arrogant that it runs a parallel government and unilaterally decides what it remits to a nation of 170 million people, while its hundreds of employees feed fat on Nigeria’s resources.

https://www.premiumtimesng.com/news/headlines/186622-nigeria-must-kill-nnpc-el-rufai.html
The chronicle of those who managed the most corrupt government-controlled agency ever seen in the annals of this nation.NNPC autonomy have made it translate to a cesspool of putrifying corruption with each successive government.

In September, the NNPC paid 149.28 billion, amounting to N864.07 billion as fuel subsidy payments in nine months.

Same subsidy or subsidy under-recovery that they claimed it was corruption that they have repeatedly removed? A bunch of fantastically corrupt criminals are in govt.

have nnpc ever made profit in this life?

Zombies come defend o

Our darling daddy used it to buy trains that generates #1b and swallows #48b maintenance

Lol

Make profit today, next tomorrow run in deficit.
who are we deceiving?

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Chai...

Person go just dey use ear hear billions billions everyday without benefiting from the billions.


It's so so disheartening

HOLLY GRAM REAL MATTERS. WTF MAN

Buhari is just looting the NNPC silly

No comment

under the very nose of Mr FAKE INTEGRITY!

The redundant coupist is a chronic and insatiable thief!

867billion naira paid out as subsidy in 9 months alone.

I wonder if these claims are usually audited by independent auditors.

Meanwhile this fuel subsidy issue is what we would have been done with for as far back as 2012 if not for Tinubu who mobilized his urchins to Ojota square to protest against that wonderful action that would have saved us from this mess.

Tinubu has done this country shege all in the quest for power.

But I curse him this day that that power he desperately seeks and has done dirty deeds and enter dangerous alliances for, will forever elude him till leaves this earth.

Rubbish!

V

What happened to NNPC 2020 profit.

Too many lies.

Calamity. No drop of oil refined. But can owe 1 Trillion.

Idiots!
They keep incurring huge losses and are busy constructing roads and hospitals!
Who cursed black Africans?

You see this NNPC is one of our greatest problem in this country...it is the grand home of corruption....Am sure some of this so called subsidy payment will be going to some Oga pocket and some politicians go dey get monthly cut

treesun:


This NNPC who has become road contractors. What a failed nation with misplaced priorities.
Is it not same NNPC that declared surplus in the year of pandemic?

How has that stopped fheir performance?
NNPC is now incorporated, they can also benefit on tax cut to construct roads, I don't see anything bad in that, except if don't really understand what is happening

That's because NNPC is running at a loss.

In 2016, Buhari in essence forced NNPC to subsides fuel out of its own money. The deficit we see is the result of such a policy.

The solution is simple. Remove the subsidy, allow the market control the price of fuel, and there would he huge profits to encourage refining fuel at home.NNPC would stop running at a loss.
But Nigerians, since the 1990's have been opposed to removal of subsidy because .....

All in all, price controls are bad for any economy.

P.S Daily trust of last week Thursday has a poster showing how subsides prevented NNPC from remitting 2.3 trillion naira to government. Very instructive.

SAMTOBIJU:
You see this NNPC is one of our greatest problem in this country...it is the grand home of corruption....Am sure some of this so called subsidy payment will be going to some Oga pocket and some politicians go dey get monthly cut

It had been like that for a while, let's hope it will change

FarahAideed:
Buhari is just looting the NNPC silly

The same thing happened long before Buhari came around...and yes, I agree , there is some bubu chicanery in NNPC (and then there is 1978's missing cash)

But the thing is, when you force a company...government owned or not...to be selling fuel at a loss...and one pays them a subsidy that does not cover the losses., and forces them to literally not maintain their refinereis properly to 'save money'...this is what you get.

In Venezuela, the same thing has been happening in their oil industry.

If government put price controls on your business, you would run deficits well well. As seen with NNPC and subsidy.

aremuforlife:

It had been like that for a while, let's hope it will change

Change....na change you call like that...no be that same change this present administration use deceive people...let me join your faith to believe it will change sha

Racoon:
Same subsidy or subsidy under-recovery that they claimed it was corruption that they have repeatedly removed? A bunch of fantastically corrupt criminals are in govt.

Because no one, and I repeat, no one, wants subsidy gone.

Even GEJ when he tried to remove it, some of his loyal supporters thought he was mad.

The honest truth is that subsidy, and all the corruption therein , remains because Nigerians want cheap fuel. in FACT, IF buhari decides to spend more on subsidy, and cut fuel prices to N20 PER LITER as a result, people would hail him as the greatest leader in Nigerian histroy (despite his poorly performing government).

If government removed subsidy truthfully in 2016, instead of the lies they told...by now, fuel would be above N400 per liter. That's poltically expensive, and that's why APC , nor PDP, nor any other party wants subsidy to go.