The Nigerian National Petroleum Company (NNPC) Limited disclosed on Saturday that its revenue for the month of June, 2021 stood at N894.64 billion, a 9.04 percent drop from the amount recorded in May.
Despite the drop NNPC returned to trading surplus of N141.96 billion following trading deficits recorded in May.
It added: “In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07 percent or N89.27 billion to stand at N894.64 billion. Similarly, expenditure for the month decreased by 29.32 percent or N299.44 billion to stand at N721.93 billion.
It added: “In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07 percent or N89.27 billion to stand at N894.64 billion. Similarly, expenditure for the month decreased by 29.32 percent or N299.44 billion to stand at N721.93 billion.
“The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.
“Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.”
NNPC also disclosed a total of 1.63 billion litres of Premium Motor Spirit (petrol) was distributed across the country, translating to 54.50mn litres/day were supplied in June 2021.
Also, the report indicated 47 pipeline points were vandalized representing 26.56 percent decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43 percent, while Mosimi and Kaduna Areas accounted for 51 percent and 6 percent respectively of the vandalized points.
“In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).
“For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production,” it added.
Ogun lauds Dangote Cement, CCECC, others for boosting IGR
Ogun State Government has lauded the contributions of Dangote Cement Plc, China Civil Engineering Construction Corporation (CCECC), Nigeria Limited and JP Industry Limited, among others, for contributing to the state’s internally generated revenue (IGR).
The Commissioner for Finance and Chief Economic Adviser to the Governor, Dapo Okubadejo, disclosed this in Abeokuta during a cocktail party organised by the Ogun Internal Revenue Service (OGIRS).
Okubadejo, who thanked the tax compliant agents of the companies and others, including Federal Polytechnic, Ilaro, said that the contributions of their Public-Private Partnership (PPP) initiatives to the economic development of the state could not be downplayed.
He opined that the event was in recognition of the commitment of the agents and a way of getting closer to taxpayers, improving relationships and sharing ideas and recommendations that would enhance service delivery.
“The contributions of the Public-Private Partnership initiative in generating resources for economic development of the State cannot be downplayed, which explains the mechanisms put in place by the government to encourage investors.
“Government cannot function without private sectors’ collaboration, so it beholds us to put in place all necessary mechanisms to attract, appreciate and encourage them to do business with us in Ogun State, by creating the enabling environment, removing all red tapes and bottlenecks, to actually provide seamless and efficient service delivery” Okubadejo said.
Speaking, the Chairman, of OGIRS, Mr Olugbenga Olaleye, reiterated the statutory and legal bidding of payment of taxes in any governance all over the world, noting that sustainable development could be achieved when all taxable adults pay appropriate taxes as and when due.
“Tax is statutory. We all know that the revenue allocation in Nigeria is reducing and the only sustainable source of revenue for any government is taxation, as people will always be there to give back to the government to get the economy moving”, he said
In his address, the Special Adviser to the Governor on Revenue, Mr Abiodun Adeleye, said that digitalisation of all tax processes would enhance ease of doing business, especially the expansion of tax net and collection of appropriate taxes from all taxable residents in an efficient and transparent manner.
Earlier, a representative of JP Industry Limited, who spoke on behalf of other tax compliant agents, Mr Okorie Emmanuel, appreciated the state government for the honour, saying the event was first of its kind.
