NNPC Recorded Zero Remittance to Federation Account in January

28 Feb NNPC Recorded Zero Remittance to Federation Account in January

Despite the rising international prices of oil, the Nigerian National Petroleum Company (NNPC) Limited failed to remit its statutory funding to the Federation Account which is jointly operated by the federal, state and local governments, in January 2022.

According to THISDAY, that was the second time in less than a year that the national oil company (NOC) would be unable to deliver a kobo to the joint account, following the same occurrence in April last year, when the firm announced zero remittance for the month.

In addition, a document detailing NNPC’s activities for the month under review, presented during the Federation Account Allocation Committee (FAAC) held last Thursday, indicated that the NOC expended a whopping N210.38 billion on petrol subsidy during the month.