NNPC Incurs N1.29trn Revenue Shortfall in Nine Months
The Nigerian National Petroleum Corporation (NNPC) posted a revenue deficit of N1.29 trillion between January and September this year, latest data from the national oil company has shown. Despite its projected gross annual revenue of N4.979 trillion in the current year, based on a monthly expected income of N414 billion, the corporation was only able to rake in N2.44 trillion during the period, it stated. Although in the first nine months it had made a forecast of a gross income of N3.734 trillion, the NNPC in the months under review failed to hit the target in any of the months. However, it recorded its highest performance yet this year in September, when it grossed in over N400 billion. In January, the corporation missed the mark by a wide margin, hitting only N195.62 billion out of the projected N414.9 billion for the month, while in February it further decreased to N191.19 billion. Similarly, in March the NNPC grossed N224.58 billion; in April, it made a total of N156.36 billion; in the month of May, revenue amounted to N320.3 billion, while in June, NNPC’s gross income was N295.39 billion.
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