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Business News of Saturday, 1 May 2021

Source: The Sun

We’re not broke -NNPC

Contrary to insinuations that its financial position was in red, the Nigerian National Petroleum Corporation (NNPC) on Friday clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the federation revenue stream it manages.

NNPC’s Spokesman, Dr. Kennie Obateru, in a statement, said the clarification became necessary in the light of media reports insinuating that the corporation was in dire straits.

According to him, NNPC remains 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.

The corporation pledged to continue to pursue and observe its cost optimization process with a view to maximizing remittances to the Federation Account.

NNPC, in a letter to the Accountant General of the Federation entitled: “Re: Impact of Hike in Crude Oil Prices on the Deregulated Downstream Sector: Projected Remittance to the Federation Account for April to June 2021,” which was inappropriately shared by unscrupulous persons, had projected that it would deduct the sum of N112bn from Oil and Gas proceeds for the month of April 2021 to ensure continuous supply of petroleum products to the country and guarantee energy security.

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