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

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..

Amazing

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.

An applaud for them

[quote author= post=78604069]Now, let us[/quote]

No talk rubbish wetins go make me vex with u dis morning.

41bn surplus.. Not bad

I can't wait for Atiku to become President and sell this good for nothing NNPC

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

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cvibe2:
Anybody can say [b]anything. How do we confirm and verify?

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.

cvibe2:
Anybody can say anything. How do we confirm and verify?

When u hear that they need loan from China

post=78604055:
This is UNPRECEDENTED in the history of Nigeria.

Welcome to the #NEXTLEVEL

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

It's a good development if it's true.

bluefilm:


Welcome to the #NEXTLEVEL

You are Welcome to a New Nigeria.

post=78604055:
This is UNPRECEDENTED in the history of Nigeria.

zombie 2019pie

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.

NNPC Is remitting for the first time.......that's weird

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.

post=78604055:
This is UNPRECEDENTED in the history of Nigeria.

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
JUL 11, 2018

The subject of contention is the perceived shortfall in remittance from the Nigerian National Petroleum Corporation (NNPC).
The corporation is said to have stalled the sharing of revenue for May and June. However, in a statement released by its Group General Manager, Public Affairs, Ndu Oghamadu, in June, NNPC said it paid N35billion more than the N112 billion monthly remittance it had agreed with the governors.

http://saharareporters.com/2018/07/11/fourth-time-running-faac-meeting-nnpc-remittance-hits-brick-wall

adekayo1234:
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

true..but don't forget NNPC has never remitted their earnings until recently

cvibe2:
Anybody can say anything. How do we confirm and verify?

Do you also confirm herdsmen attack news?

Naughtytboy:
zombie 2019pie

www.nairaland.com/attachments/3073565_ctuafvju8aakuv5_jpeg49a942de8e3d1d388856e63d96b767a5

Onyemadonald:
Do you also confirm herdsmen attack news?

Lol , u dey mind dat one?!
They are just so pathetic.

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anonimi:





www.nairaland.com/attachments/3073565_ctuafvju8aakuv5_jpeg49a942de8e3d1d388856e63d96b767a5

lol

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