By our reporter/ The Nigerian National Petroleum Company (NNPC) recorded zero revenue from crude oil export as fuel subsidy gulped another N199 billion in October.
According to oil giant’s November 2021 FAAC report released over the weekend, despite recording zero revenue, the country produced an average of 1.417 million barrels per day in the month of September.
The corporation also said it paid N14.85 billion to the federation account allocation committee (FAAC) account for the month under review.
It added that the value shortfall for petrol will be deducted from November 2021 proceeds, to be remitted to FAAC in December.
“The October 2021 value shortfall of N199,007,758,422.75 is to be recovered from the November 2021 proceeds due for sharing at the December 2021 FAAC meeting,” NNPC said.
In the last 10 months, NNPC failed to meet its revenue projection of N2.09 trillion — but was only able to remit N511.66 billion into the federation account, representing a 75 percent shortfall.
In April, it did not remit any amount of its oil and gas proceeds to FAAC due to the pressure of funding fuel subsidy.
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