The Nigerian National Petroleum Corporation (NNPC) has debunked media reports that the Corporation is in financial straits while assuring that it remains in positive financial trajectory.
NNPC, in a letter to the Accountant General of the Federation had projected that it would deduct N112 billion 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.
The letter bore the title: Re: Impact of Hike in Crude Oil Prices on the Deregulated Downstream Sector: Projected Remittance to the Federation Account for April to June 2021.
But the General Manager, Group Public Affairs Division, Dr. Kennie Obateru in statement on Friday said the revenue projection contained in the letter was only to the Federation revenue stream being managed by the Corporation.
Obateru said the projection was not a reflection of the overall financial performance of the Corporation.
“NNPC maintains that it is conscious of its role and is 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.
Obateru further pledged the Corporation’s avowed commitment to continue to pursue and observe its cost optimisation process with a view to maximizing remittances to the Federation Account while promising that the NNPC would continue to meet its financial obligations to the Federation.
NNPC said the letter was inappropriately shared by unscrupulous persons, fuelling reports of impending revenue shortfalls with dire consequences for the various tiers of government.