Data from the Nigerian National Petroleum Company Limited on Thursday has shown that the company in 2021, spent a total of $3.21 billion (N1.322 trillion) on the federal government’s priority oil sector projects.
The company ALSO recorded a funding shortfall of $2.686 billion in the amount required to fund the selected priority projects.
An analysis of the NNPC’s Statement of Joint Venture Recovery and Government Priority Projects indicated that from January to November this year, the oil firm consistently made monthly expenses on the projects.
It also posted shortfalls in the funding of the projects in each month during the review period.
The NNPC data showed that the total amount required for calenderised cost recovery and government priority projects during the period under review was $5.896 billion.
It, however, stated that the actual functional dollar funding level for the projects for the 11 months was $3.21bn, leaving a deficit of $2.686 billion.
Further analysis of the document showed that in January, February, March, April and May, the oil company spent $276.42m, $252.91m, $307.65 million, $239.28 million and $392.24 million, respectively.
The firm also invested $202.26 million, $240.68 million, $352.16 million, $380.89 million, $355.04 million and $210.74 million in June, July, August, September, October and November this year.
On funding shortfalls, the report showed that deficits of $259.62 million, $283.13 million, $228.39 million, $296.76 million and $143.8 million were recorded in January, February, March, April and May 2021 respectively.
For the months of June, July, August, September, October and November, the funding shortfalls were $333.78 million, $295.36 million, $183.88 million, $155.15 million, $181 million and $325.21 million, respectively.
The report itemised 24 oil sector projects as being the priority government projects being funded by the national oil company.
Some of them include the expansion of the Escravos-Lagos Pipeline System, Phase II in Delta and Lagos states; Nigeria-Morocco Gas Pipeline (offshore); Gas Revolution Industrial Park, Delta State; and ELPS-Ibadan-Jebba Gas Pipeline in Lagos and Oyo states.
Others include gas supply to Gbaramatu in Delta State; Engineering, Procurement and Construction for the rehabilitation/upgrade of Sapele Metering Station, Oben Metering Station, Delta IV Metering Station, Ajaokuta Metering Station, among others.
Meanwhile the section on crude oil and gas sale in the report stated that the overall NNPC crude oil lifting of 7.71 million barrels (export and domestic crude) in October 2021 recorded 32.9 per cent decrease, relative to the 11.49 million barrels lifted in September 2021.
It said Nigeria Recorded 1.45 million barrels per day production in October 2021. On sales receipt, the NNPC said crude oil export revenue received in November 2021 amounted to $4.18m, while domestic gas and other receipts in the month was N16.63 billion.
The report further stated that the sum of N172,784,505,734.79 was the gross domestic crude oil and gas revenue for the month of November 2021.
NNPC represents the federal government in many strategies joint ventures with international oil companies operating within and outside the country.
By PRNigeria
