NNPC makes N222.3bn gross revenue
By Moses Uwagbale
The sum of N222.3 billion was generated as gross revenue by the Nigeria National Petroleum Corporation (NNPC).
The oil firm arrived at the figure after statutory and obligatory deductions in November 2020.
The corporation’s performance is contained in documents presented to the Federation Account Allocation Committee (FAAC) meeting of 15-16 December, 2020.
The documents showed that after months of falling crude oil exports and prices occasioned by the COVID-19 pandemic, November revenues recorded about 500 per cent increase as prospects of an effective vaccine gained traction.
Despite the increase, however, many flow stations belonging to the corporation suffered shut-ins, due to unforeseen circumstances and deliberate shutdowns for routine maintenance.