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Total income dips by N396bn
Emmanuel Addeh in Abuja
The Nigerian National Petroleum Corporation (NNPC) made a total revenue of N1.088.88 trillion in the first five months of 2021, a Federation Account Allocation Committee (FAAC) document detailing its operations for the period has shown.
The figure is N396.8 billion lower than the N1.485 trillion revenues it grossed in the first five months of 2020.
However, the corporation has resumed its frontier exploration services suspended in April.
But despite the gross revenue accruals, the corporation failed to fully meet its monthly funding obligation of N414.941 billion for its projects and operations for the period.
By Udeme Akpan
The National Petroleum Investment Management Services, NAPIMS, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, invested N21.47 billion to rehabilitate the nation’s refineries, the Nigeria-Morocco gas pipeline and oil search in the frontier basins, among others in January 2021.
In its February 2020 presentation to the Federation Account Allocation Committee, FAAC, NAPIMS also mentioned the National Domestic Gas Devt.; Gas Infrastructure Development; Renewable Energy Development, RED; Crude Oil Pre-Export Inspection Agency Expenses and pre-export financing as some other projects funded during the period.
The report, which disclosed that in January 2021, rehabilitation of the refineries gulped N8.33 billion; pre-export financing received N5 billion; National Domestic Gas Devt. – N3.17 billion; and Gas Infrastructure Devt.- N2.39 billion, added that the Frontier Exploration Services, which also involves the search for hydrocarbons in inland basins