Nigerian National Petroleum Corporation (NNPC) said the zero revenue remittance projection in its letter to the Accountant General of the Federation(AGF) pertains only to the revenue stream it manages for the country.
It said the letter was not a reflection of the overall financial performance of the Corporation.
Dr. Kennie Obateru, the Corporation’s spokesman, said the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits.
Obateru said the NNPC is conscious of its role and was 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,” Obateru 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 projected that it would deduct N112 billion 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.
The letter bore the title: Re: Impact of Hike in Crude Oil Prices on the Deregulated Downstream Sector: Projected Remittance to the Federation Account for April to June 2021.
NNPC said the letter was inappropriately shared by unscrupulous persons, fuelling reports of impending revenue shortfalls with dire consequences for the various tiers of government.
NNPC, however, assured that it would continue to meet its financial obligations to the Federation.