The Nigerian National Petroleum Corporation has said that it met its financial obligations to the Federation Account in 2018 by remitting N1.26 trillion as against the N1.22 trillion projected in the 2018 budget, recording a surplus of N41 billion.
Baru listed the two sources of inflows into the Federation Account from the NNPC to include equity crude oil sales less cost of recovery from the Joint Venture cash call arrears and domestic crude less cost recovery, adding that the JV cash call arrears were being efficiently managed now to ensure steady inflows into the Federation Account.
“NNPC is strategically saving for the rainy day to make a better future for all of us by liquidating the arrears,” Okonkwo posited. Baru stated that investment in the oil and gas industry took time to mature, adding that if the NNPC failed in its obligation to invest in the sector, there would be nothing to share by the various tiers of government.
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