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NNPC Completes Payment Of N450 Billion Debt To FG - Politics - Nairaland 1n5h1p

NNPC Completes Payment Of N450 Billion Debt To FG (10403 Views)

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stephanie11: 4:34am On Jun 22, 2017
The Nigerian National Petroleum Corporation, NNPC, has announced the complete payment of a N450 billion debt it owed the Nigerian government.

The Corporation's  April 2017 monthly financial and operations report was made public on Wednesday and it revealed that the last tranche of the debt sum was paid in March 2017. The document revealed that the corporation was paying the Nigerian government N6.33 billion on a monthly basis for several months.

To this end, the NNPC said it transferred N95.56 billion into the Federation during the month under review from the net domestic crude oil and gas receipt, including gas receipts of N2.23 billion. The Federation s Allocation Committee, FAAC, had in September 2011, resolved that the NNPC should refund over N450 billion in 32 installments after the NNPC said it withheld the money that should have been paid into the Federation as stipulated by law.

Furthermore, the April 2017 financials noted that NNPC’s receipts from domestic crude oil and gas in the month of April stood at N142.09 billion, consisting of receipts of N2.23 billion from domestic gas sale and N139.86 billion from domestic crude oil. The NNPC noted that of its total naira receipt, N46.54 billion was transferred to t Venture Cash Call, JVCC, being a first line charge and to guarantee continuous flow of revenue stream to Federation .

On the other hand, the report stated that the NNPC recorded total export proceeds of $142.12 million in April 2017 as receipt against $404.55 million in March 2017. According to the report, contribution from crude oil amounted to $71.81 million, while gas and miscellaneous receipt stood at $70.29 million and $0.013 million respectively.

The report, however, stated that the NNPC remitted the total export proceeds receipt of $142.12 million to fund the JV cash call for the month of April 2017 to guarantee current and future production. It further stated that total export crude oil & gas receipt for the period of April, 2016 to April 2017 stood at $2.50 billion.
http://politicsngr.com/2017/06/22/nnpc-completes-payment-n450-billion-debt-fg/
cc: lalasticlala

2 Likes 1 Share

ademoladeji(m): 4:41am On Jun 22, 2017
Why pay the FG instead of sharing it for us




Am I the FTC?

If yes, I dedicate this massive plot of land to all the victims of Hon. Dr. Evans

7 Likes 2 Shares

LionDeLeo: 5:37am On Jun 22, 2017
I don't understand.

Which one be federal govt, which one be NNPC?

10 Likes

baritereign24(m): 5:52am On Jun 22, 2017
They Wil stil borrow
Iamwrath: 6:51am On Jun 22, 2017
I trust the former istration wouldn't have bothered NNPC and that amount would have been shared


Jonathan was a disgrace

25 Likes 2 Shares

helphelp: 11:30am On Jun 22, 2017
Oyel money

3 Likes

Amirullaha(m): 11:30am On Jun 22, 2017
.
brunofarad(m): 11:30am On Jun 22, 2017
Hmm

aku626(m): 11:31am On Jun 22, 2017
Thanks for paying up. Now how do we put the money to use?
AroOkigbo(m): 11:32am On Jun 22, 2017
paid to the federal government or to some cabal?

2 Likes

Bills2307(m): 11:33am On Jun 22, 2017
450billion for d o

6 Likes

feelgoodInc: 11:33am On Jun 22, 2017
how about paying ifeanyi ubah's debt

1 Like

SaulRazor: 11:33am On Jun 22, 2017
Iamwrath:
I trust the former istration wouldn't have bothered NNPC and that amount would have been shared


Jonathan was a disgrace


Keep fooling yourself

16 Likes

SaulRazor: 11:33am On Jun 22, 2017
Iamwrath:
I trust the former istration wouldn't have bothered NNPC and that amount would have been shared


Jonathan was a disgrace


Keep fooling yourself , it is very allowed

6 Likes 1 Share

Re: NNPC Completes Payment Of N450 Billion Debt To FG by Nobody: 11:34am On Jun 22, 2017
The money has already been looted

3 Likes

feelgoodInc: 11:35am On Jun 22, 2017
Iamwrath:
I trust the former istration wouldn't have bothered NNPC and that amount would have been shared


Jonathan was a disgrace
yes Jonathan was a disgrace and buhari is not, how much is in your . how's the recession?

11 Likes

CARBONY500: 11:35am On Jun 22, 2017
5billion X 8million is equals to what? ;D5.. A trilli.. Trilli..
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Anyway, weda una like am or not, we go gather dey count this billions soon. Amen.

2 Likes

Re: NNPC Completes Payment Of N450 Billion Debt To FG by Nobody: 11:36am On Jun 22, 2017
Iamwrath:
I trust the former istration wouldn't have bothered NNPC and that amount would have been shared


Jonathan was a disgrace

APC and PDD are the same, stop trusting politicians,
that money can build few roads, hospitals and schools (word class),what if they don't do any of these but rather share the money amongst themselves?

2 Likes

kurt09(m): 11:36am On Jun 22, 2017
Sai baba

2 Likes

vedaxcool(m): 11:37am On Jun 22, 2017
Iamwrath:
I trust the former istration wouldn't have bothered NNPC and that amount would have been shared


Jonathan was a disgrace

Gbamest but defenders of thieves will come for you.

4 Likes

temitope277(m): 11:46am On Jun 22, 2017
ademoladeji:
Why pay the FG instead of sharing it for us




Am I the FTC?

If yes, I dedicate this massive plot of land to all the victims of Hon. Dr. Evans
God bless u sir for that comment
temitope277(m): 11:47am On Jun 22, 2017
ademoladeji:
Why pay the FG instead of sharing it for us




Am I the FTC?

If yes, I dedicate this massive plot of land to all the victims of Hon. Dr. Evans
God bless u sir
slap1(m): 11:49am On Jun 22, 2017
Iamwrath:
I trust the former istration wouldn't have bothered NNPC and that amount would have been shared


Jonathan was a disgrace

It makes more economic sense to share it - at least money circulates - than using it to treat Buhari without any positive result.

9 Likes 1 Share

theadvocatus(m): 11:50am On Jun 22, 2017
I hope they're not using debt to repay debt?! lest we discover in no distant time that they failed to remit again but instead used monies to pay a certain debt.
MsAfricaa: 11:58am On Jun 22, 2017
Thisis2raw(m): 12:03pm On Jun 22, 2017
Niger Delta sorry... Cuz all this money will definitely go to the northern part
Re: NNPC Completes Payment Of N450 Billion Debt To FG by Nobody: 12:11pm On Jun 22, 2017
Since nnpc has finished paying their debt, can they reduce the price of fuel so that the masses can benefit

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