Elombah
Take a fresh look at your lifestyle.

NNPC Records Another Monthly Deficit, Loses N107b In 2 Months

68

The Nigerian National Petroleum Corporation [NNPC] has recorded another loss in two months running with a loss of of 106.6 billion for the months of April and May.

According to data obtained by ElombahNews, the national oil corporation lost N44.6 billion in the month of April and N62.2 billion in the month of May respectively bringing the loss to a total to N106.8 billion.

The loses, this medium understands, is owing to the shut-ins and shutdowns of some terminals by the Corporation.

The data shows that the country’s oil earnings fell from the N516.88 billion recorded in March to N472.28 billion in April.

Furthermore, according to latest data from the Central Bank of Nigeria [CBN], the gross federally-collected revenue for May 2019 suffered a 33.7 per cent loss.

Figures shows that the revenue fell to N733.82bn which is lower than the provisional monthly budget estimate of N1.1 trillion.

The CBN report said: “Gross oil receipts, at N410.18bn or 55.9 per cent of the total revenue, was below both the monthly budget of N640.21bn by 35.9 per cent and the preceding month’s receipts of N472.38bn by 13.2 per cent, respectively.

“The decline in oil revenue relative to the provisional monthly budget estimate was attributed to shut-ins and shutdowns at some NNPC terminals due to pipeline leakages and maintenance activities.”

On non-oil revenue, the CBN stated that at N323.64bn or 44.1 per cent of the total revenue, non-oil revenue fell below the provisional monthly budget estimate of N466.91bn by 30.7 per cent.

“It, however, exceeded the preceding month’s receipt of N322.93bn by 0.2 per cent. The lower non-oil revenue relative to the provisional monthly budget was due to the shortfalls in receipts from all the non-oil revenue components, except customs and excise duties,” the bank stated.

It noted that of the total N667.29bn retained revenue in the Federation Account, the sums of N92.63bn, N48.76bn and N24.73bn were transferred to the VAT Pool Account, the Federal Government Independent revenue and “others”, respectively, leaving a net balance of N501.18bn for distribution to the three tiers of government.

“Of this amount, the Federal Government received N239.65bn, while the state and local governments received N121.56bn and N93.71bn, respectively. The balance of N46.26bn was shared among the oil producing states as 13 per cent Derivation Fund.”

It added that “similarly, from the N92.63bn transferred to the VAT Pool Account, the Federal Government received N13.89bn, while the state and local governments received N46.31bn and N32.42bn, respectively.”


© Copyright 2020 ElombahNews.

DISCLAIMER : Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers of ElombahNews!
Would you like to be receiving ALL ElombahNews links ‘On The Go’ on WhatsApp Or Telegram? If yes, join us here on WhatsApp or Telegram, or provide us your Telephone number via publisher@elombah.com or sms/inbox +2349050382526 and you are good to go!
DOWNLOAD ElombahNews mobile app here
Send eyewitness accounts/ reports/ articles  to publisher@elombah.com; follow us on twitter @ElombahNews; like our Facebook page ElombahNews 

For adverts & inquiries, call +447460770987, +2349050382526

Comments are closed.