The Nigerian National Petroleum Corporation (NNPC) has faulted claims that the corporation would not contribute to the Federation Accounts Allocation Committee (FAAC) in May, saying plans are being concluded to optimise cost and boost remittance to the national purse.
It explained that though the corporation was paying extra in subsidizing petrol for Nigerians, the company would work assiduously in remedying the shortfall in remittance.
The NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media was being quoted wrongly.
Clarifying the corporation’s stance in a statement on Friday, Obateru noted that the projections in the letter pertain only to the federation revenue stream being managed by the corporation and not a reflection of the NNPC overall financial performance.
According to him, the clarification became necessary in the light of media reports insinuating that the corporation was in financial straits.
He added that the NNPC was conscious of its role and was doing everything possible to shore up revenues and support the Federation at all times.
“The shortfall will be remedied by the Corporation as it relates only to the Federation revenue stream being managed by the NNPC and does not reflect the overall financial performance of the Corporation. The NNPC remains in positive financial trajectory for the period in question,” it stated.
The corporation pledged to continue to pursue and observe its cost optimization process with a view to maximizing remittances to the federation account.
It would be recalled that NNPC, in a letter to the Accountant General of the Federation projected that it would deduct the sum of N112bn from Oil and Gas proceeds for the month of April 2021 to ensure continuous supply of petroleum products to the country and guarantee energy security.