NNPC Remits N6.96 Trillion to Federation Account, Posts N905bn June Profit

The Nigerian National Petroleum Company Limited (NNPC Ltd) remitted N6.961 trillion to the Federation Account between January and May, up from N5.583 trillion recorded through April — underlining the company’s central role in funding federal, state and local governments.

Its monthly report summary for June also declared a profit of N905 billion for the month, even as revenue moderated to N4.571 trillion from N6.008 trillion in May, reflecting swings in the global oil market.

Operationally, the numbers point to a steady upstream rebound. Crude oil and condensate production rose to 1.68 million barrels per day — the highest since January — up from 1.629 million bpd in May. Natural gas output climbed to 7.581 billion standard cubic feet per day from 7.352 billion.

Fuel supply also improved on the retail side: petrol availability at NNPC stations rose to 71 per cent in June from 62 per cent in May. Meanwhile, flagship gas infrastructure kept advancing — the Ajaokuta–Kaduna–Kano (AKK) pipeline moved to 83 per cent completion, and the OB3 pipeline held at 96 per cent.

Taken together, the report paints a picture of a company posting strong remittances while gradually rebuilding production capacity and completing the gas backbone Nigeria needs for industrialisation.

Source: The Guardian