NNPC pays $607.8m into Federation Account

Posted by News Express | 12 October 2015 | 2,618 times

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The Nigerian National Petroleum Corporation (NNPC) has opened its books for public scrutiny.

In the current report published by the management of the corporation, a total of $607.8 million is said to have been paid into the Federation Account this year.

A further breakdown indicated that the total export Crude Oil and Gas receipts for the period of January to August 2015 is $3.420bn.

Of the total amount, the sum of $0.61bn was remitted to the Federation Account while the balance of $2.81bn was said to have been used to fund the JV cash call for the period.

NNPC’s new Group Managing Director, Dr. Ibe Kachikwu, had shortly after his assumption of office promised to make all spending and revenue public.

•Adapted from a Channels TV report. Photo shows Dr. Kachikwu.


Source: News Express

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