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NNPC denies financial distress amid concerns over letter to AGF

The Nigerian National Petroleum Corporation (NNPC) says reports about its financial distress are inaccurate.

NNPC spokesman, Kennie Obateru in a statement on Friday clarified the revenue projection contained in the letter to the Accountant General of the Federation.

He said the letter was only on the Federation revenue stream being managed by the NNPC and not a reflection of the overall financial performance of the corporation.

NNPC said it is conscious of its role and was doing everything possible to shore up revenues and support the nation at all times.

Obateru assured that the shortfall will be remedied by the corporation.

“The NNPC remains in positive financial trajectory for the period in question,” he noted.

The corporation pledged to continue to pursue and observe its cost optimization process to maximize remittances to the Federation Account.

The NNPC wrote a letter to the AGF titled: Re: Impact of Hike in Crude Oil Prices on the Deregulated Downstream Sector: Projected Remittance to the Federation Account for April to June 2021.

The corporation projected it would deduct N112 billion from oil and gas proceeds for the month of April 2021 to ensure a continuous supply of petroleum products to the country and guarantee energy
security.

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