BEVERLY HILLS, June 22, (THEWILL) – The Nigerian National Petroleum Corporation (NNPC) said it has completely repaid its N450 billion indebtedness to the Federal Government.
This was disclosed in its April 2017 Monthly Financial and Operations Report which stated that the last tranche of the debt was paid in March 2017, after paying N6.33 billion on a monthly basis over several months.
NNPC said it transferred a total sum of N95.56 billion into the Federation Account during the month under review from the net domestic crude oil and gas receipt, including gas receipts of N2.23 billion.
THEWILL recalls that the Federation Accounts Allocation Committee (FAAC), in September 2011, resolved that the NNPC should refund the N450 billion in 32 instalments after it was discovered that the NNPC withheld the money that should have been paid into the Federation Account as stipulated by law.
Also, the report stated that that NNPC’s financial receipts from domestic crude oil and gas in the month of April stood at N142.09 billion, consisting of N2.23 billion from domestic gas sale and N139.86 billion from domestic crude oil.
On the other hand, the report stated that the NNPC recorded total export proceeds of $142.12 million in April 2017 against $404.55 million recorded in March 2017.
The report revealed that contribution from crude oil amounted to $71.81 million, while gas and miscellaneous receipt stood at $70.29 million and $0.013 million respectively.
