The Nigerian National Petroleum Corporation (NNPC) made about $5.83b in the last three months from the sale of 152.83 million barrels of crude oil, analysis of the monthly NNPC financial and operational document released by Budgit showed on Friday.
In terms of crude sales, International Oil Companies and Independent sources contributed about 67.63 per cent of the 152.83 million barrels of crude oil sold.
Although the nation’s refineries located in Port Harcourt, Warri and Kaduna did not process any crude oil in the last quarter of 2021, the Corporation also spent about N19.7b to maintain these refineries. In three months, NNPC spent N8.08b on pipeline repairs and management alone, as it recorded 101 pipeline breaks.
This is coming as NNPC recently decried growing revenue pressure, especially as the nation is expected to spend as much as N1.5tr to continue payment of subsidy on petrol.
While NNPC had in a letter expressed worry over revenue outlook, especially as subsidy payment laid siege to oil revenue, it is speculated that any reduction in the revenue accruable to FAAC would further reduce the fiscal sustainability of state governments. Most states are currently struggling to meet their recurrent expenditure and loan obligations.
Meanwhile, NNPC, yesterday, clarified that the revenue projection contained in the letter to the Accountant General of the Federation pertains only to the Federation revenue stream being managed by the corporation and not a reflection of its overall financial performance.
According to the NNPC’s spokesman, the shortfall will be remedied by the Corporation, adding that the NNPC remains in positive financial trajectory for the period in question