The Nigerian National Petroleum Corporation (NNPC), the sole importer
of petrol, incurred total under-recovery expenses of N623.16 billion
between January and November.
Details of the under recovery outlay is contained in a document
presented by the national oil company to the Federation Account
Allocation Committee (FAAC) in its final sitting for 2018 in Abuja last
week.
In the FAAC presentation dated December 19, which was presented to
members at their last meeting, the corporation stated that apart from
the N623.16bn, there were also arrears of N67.23bn, bringing the total
amount to N676.49bn.
Out of the N676.49bn, N599.74bn was incurred as under recovery under
the Direct Sales Direct Purchase arrangement while the sum of N23.43bn
was under recovered from its refinery.
Further breakdown of the N623.16bn under-recovery showed that the sum
of N51.24bn was incurred in January while February, March and April
recorded N58.66bn, N36.09bn, and N82.4bn respectively.
In the month of May, the amount of under-recovery
incurred by NNPC on PMS dropped to N36.87bn. It, however, rose to
N53.41bn in June, N52.43bn in July and N63.18bn in the month of August.
The amount incurred as under-recovery by the corporation went up to
N71.8bn in the month of September before dropping to N51.18bn and
N65.86bn in the months of October and November respectively.
The report stated that the amount incurred by the NNPC as
under-recovery was deducted from the Federation Account thus: January
N45.78bn, February N59.51bn, March N34.03bn, April N77.9bn and May
N88.9bn.
The month of June saw the corporation deducting about N68.6bn while
July, August, September, October and November recorded deductions of
N52.5bn, N60.6bn, N71.56bn, N51.18bn and N65.86bn in that order.
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