NEWS

NNPC denies financial struggle, cites bloated fuel subsidy

By Okechukwu Nnodim

May 1, 2021

 

The Nigerian National Petroleum Corporation, on Friday, April 30, 2021, said the revenue projection contained in its letter to the Accountant General of the Federation pertained only to the federation revenue stream being managed by the NNPC and not a reflection of the overall financial performance of the oil firm.

It argued that the corporation’s financial trajectory was positive, despite the revenue projection in the recent letter it sent to the accountant general.

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On Thursday, April 29, The PUNCH reported that the NNPC had in a letter alerted the federal and state governments to its dwindling contribution to the federation account as a result of the bloated fuel subsidy.

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But on Friday, the corporation’s spokesperson, Kennie Obateru, in a statement, said the oil firm was not in dire financial straits.

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The NNPC maintained that it was conscious of its role and was doing everything possible to shore up revenues and support the federation at all times.

Obateru said, “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.”

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