NNPC Pays N827bn to FAAC

NNPCThe Nigerian National Petroleum Corporation (NNPC) Tower
  • NNPC Pays N827bn to FAAC

The Nigerian National Petroleum Corporation (NNPC) says it has paid the sum of Eight hundred and twenty Seven billion Naira to the Federation Accounts Allocation Committee (FAAC) in 12 months.

In its monthly financial report for September released in Abuja, the corporation said the payment was made between Oct. 2015 and Sept. 2016.

“A total of eight hundred and twenty seven billion naira was paid to FAAC in the past 12 months.’’

It added that NNPC, in the months under review, lifted 243 million barrels of Crude oil for the Federal Government out of which 720 million was fiscalised.

The report said that total gas sent to power between Oct. 2015 and Sept. 2016 stood at 208 BCF.

“2,507 was the average Generation from Gas Fired power plant .’’

The report said that a total of 10.4 billion litres of Premium Motor Spirit was supplied by NNPC in 12 months out of which 11.8 billion litres of white production were sold.

According to the report, NNPC has been operating in a challenging environment which limits its aspiration to profitability.

“The Corporation can undeniably attain lofty heights with the support of Nigerians, especially in areas of Security and Infrastructural integrity.

“With restoration of NPDC production, NNPC can indeed post more impressive results,’’ the report said


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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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