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Business News of Friday, 30 April 2021

Source: The Nigerian Observer

NNPC not in financial straits – Obateru

The Nigerian National Petroleum Corporation (NNPC) says that the Corporation is not in any financial straits as insinuated in the media.

Dr kennie Obateru, General Manager, Group Public Affairs Division of the corporation, disclosed this in a statement in Abuja on Friday

He said that the revenue projection contained in the letter to the Accountant General of the Federation (AGF) being cited in the media was only to the Federation revenue stream being managed by the Corporation

Obateru said the projection was not a reflection of the overall financial performance of the Corporation.

“NNPC maintains that it is conscious of its role and is doing everything possible to shore up revenues and support the Federation at all times.

“The shortfall will be remedied by the corporation as it relates only to the Federation revenue stream being managed by the NNPC and does not reflect the overall financial performance of the corporation.

“The NNPC remains in positive financial trajectory for the period in question,” it stated.

He further said that the corporation pledged to continue to pursue and observe its cost optimisation process with a view to maximizing remittances to the Federation Account.

Obateru promised that the NNPC would continue to meet its financial obligations to the Federation.

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