NNPC Remits $2.7bn To CBN In Six Months

The Nigerian National Petroleum Company Limited (NNPC) from January to June 2022 remitted a total of $2.7bn into its accounts with the Central Bank of Nigeria (CBN).

The remittances of NNPC to CBN were revealed in a document spotted in Abuja on Sunday.

Contradicting the claims of CBN that the weakening value of the naira was caused by the non-remittance of funds into Nigeria’s foreign reverses by NNPC, the document stated that out of the $2.7bn the oil firm remitted into its CBN accounts, $645m was for dividend paid by the Nigerian Liquefied Natural Gas company Limited.

It added that $1.786bn was from the operational activities of the national oil company, which recently transited into a limited liability company.

The apex bank while reacting to the crash in the value of the naira against the United States dollar, said the non-remittance of dollars by NNPC precipitated the forex crisis.

In a report entitled, “The forex question in Nigeria: Fact sheet,” the apex bank reportedly stated that there had been “zero-dollar remittance to the country’s foreign reserve by the NNPC.”

But the document seen in Abuja on Sunday claimed otherwise, as it stated that NNPC remitted $2.7bn to CBN in the first six months of this year.

A breakdown of NNPC remittances showed that funds into the oil firm’s accounts in CBN include $18,770,418.97 in January; $194, 563, 276.49 in February; and $373, 232,875.20 in March.

Others were $247,884,295.52 remitted in April 2022: $591,565,425.41 in May; and $880,906,761.81 in June 2022.