NNPC Remits N56.96 Billion For June, Into The Federation Account

Photo source: pulse.ng

The Nigerian National Petroleum Corporation (NNPC) has reportedly payed in N55.96 billion into the Federation Account for the month of June.

 This was disclosed in a report released on Sunday in Abuja by the corporation saying "NNPC transferred the sum of N55.96 billion into the Federation Account during the month under review from the net domestic crude oil recent of N102.68 billion."

 The corporation added that it recorded a deficit of N26.51 billion in its operation in June. 

 According to them this represents a significant decline from a surplus of N274 million that was reported in May.

 They attributed the deficit to a decrease in their revenue generation as a result of 13%-30% (N14.9 billion) decline in petroleum products sale by the Products and Pipeline Marketing Company (PPMC) and an increase in the cost of products distribution.

 They also stated that they had major impact of vandalism they said 261 vandalism occurred.

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