NNPC remits N1.26 trillion to Federation Account in 2018

The Nigerian National Petroleum Corporation (NNPC) said its remittances to the Federation Account in 2018 exceeded its projections in the 2018 budget by about N41 billion.

The NNPC said in a statement on Tuesday that it remitted N1.26 trillion as against the N1.22 trillion projected in the 2018 budget.

The Managing Director of NNPC Capital, Godwin Okonkwo, who represented the Group Managing Director, Maikanti Baru, disclosed this during a presentation to the House of Representatives Ad Hoc Committee on the Investigation of the Non-Remittances of Funds to the Federation Account by the corporation between July 2017 and December 2018.

NNPC spokesperson, Ndu Ughamadu, quoted the GMD as saying that though 2.3 million barrels per day (mbpd) was proposed in the 2018 budget, national daily production for the period under review averaged between 1.9mbpd and 1.89mbpd……..read more

Source: Premium Times