The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it deducted N448.78 billion in July to cater for subsidy payments.
The company said in its monthly presentation to the federation account allocation committee (FAAC) meeting on August 24th, 2022.
The figures showed that the country has paid N2.04 trillion to offset subsidy payments in the 7-month period — while the payment of N1.04 trillion has been carried forward.
For the seventh month in a row, the company also failed to make remittances into the federation account owing to huge subsidy payments.
It, however, raked in N400.47 billion as gross domestic crude oil and gas revenue — 10.07 percent below petrol subsidy payment in the same month.
The month’s zero remittance came despite the potential to boost revenue with an average oil price of $111/barrel and 1.08 million barrels per day (bpd) oil output.
“The sum of N400,469,663,160.14 as the gross Domestic Crude Oil and Gas revenue for the month of July 2022,” the report reads.
“The Value Shortfall on the importation of PMS recovered from July 2022 proceeds is N448,782,119,154.91 while the outstanding balance carried forward is N1,044,514,420,619.73.”
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