• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

NNPC says it is not in financial crisis over FAAC remittances

Chike Olisah by Chike Olisah
April 30, 2021
in Business News
NNPC unveils covid-19 contacts tracing app, marketers to buy petroleum products online

Dr. Kennie Obateru,Group General Manager, Group Public Affairs Division NNPC,

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Corporation (NNPC) has insisted that its recent letter to the Accountant General of the Federation (AGF) stating its inability to contribute to the Federation Account Allocation Committee (FAAC) in May does not mean that it is going through a financial crisis.

The clarification by the state oil giant became necessary as they said the revenue projection contained in the letter to the accountant general being cited in the media is just for the federation revenue stream being managed by the corporation and not a reflection of the overall financial performance of the NNPC.

This disclosure is contained in a press release by the NNPC on Friday and signed by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, stating that the clarification became necessary in the light of media reports insinuating that the corporation was in dire financial straits.

RelatedStories

FG, States and LGAs share N1.35 trillion as FAAC allocation in June

FAAC shares N1.681 trillion April 2025 revenue to FG, States, LGs 

May 16, 2025
Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025

Obateru in the statement said, “NNPC maintains that it was conscious of its role and was 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.”

The corporation pledged to continue to pursue and observe its cost optimisation process with a view to maximising remittances to the Federation Account.

In case you missed this

It can be recalled that NNPC, in a letter to the Accountant General of the Federation had projected that it would deduct the sum of N112 billion from oil and gas proceeds for the month of April 2021 to ensure the continuous supply of petroleum products to the country and guarantee energy security.

This fueled reports of impending revenue shortfalls with dire consequences for the various tiers of government.


Follow us for Breaking News and Market Intelligence.
Tags: FAACNNPC
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Related Posts

FG, States and LGAs share N1.35 trillion as FAAC allocation in June
Economy

FAAC shares N1.681 trillion April 2025 revenue to FG, States, LGs 

May 16, 2025
Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 
Energy

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
FEC approves new connectivity and AI initiatives to drive digital transformation in Nigeria 
Economy

FAAC: FG, States, LGAs share N1.578tn March 2025 revenue as allocation falls for third straight month  

April 15, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics
Digital Media

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025
Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC
Energy

Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC

April 2, 2025
Petrol price, NNPCL, PMS
Breaking News

Petrol price rises to N970 per litre at filling stations

March 30, 2025
Next Post

MTN Nigeria Plc grows profit by 43% to N73.7 billion in Q1 2021.

Comments 1

  1. adegbola samuel says:
    May 1, 2021 at 1:19 am

    I guess they are still working on that

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 
  • Africa needs gas as a transformational fuel for development – Sahara Group 
  • FG to pilot 6-month training for 3,000 artisans in 10 construction trades across 3 states  

Follow us on social media:

Recent News

President Tinubu appoints 6 Chief Medical Directors for federal hospitals on 4-year terms 

President Tinubu summons emergency FEC meeting to honour late Muhammadu Buhari 

July 13, 2025
Africa needs gas as a transformational fuel for development – Sahara Group 

Africa needs gas as a transformational fuel for development – Sahara Group 

July 13, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics