Petrol Subsidy Delays Funding of N26.2billion Nigerian National Petroleum Corporation Projects

Jun 7, 2021 · 6m 7s
Petrol Subsidy Delays Funding of N26.2billion Nigerian National Petroleum Corporation Projects
Description

The Nigerian National Petroleum Corporation is been affected by the under-recovery of petroleum-price and it may have begun to affect its operations as the national oil company failed to fund...

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The Nigerian National Petroleum Corporation is been affected by the under-recovery of petroleum-price and it may have begun to affect its operations as the national oil company failed to fund six of its scheduled projects in April.NNPC is also to team up with the Nigeria Extractive Industries Transparency Initiative and the Department of Petroleum Resources to sign an agreement on a framework to ensure greater transparency in the oil and gas industry.The funding performance from January to April, contained in the corporation’s presentation to the Federation Account Allocation Committee in May, showed that the gas infrastructure development, frontier exploration services and renewable energy development received zero allocation for the month.The data indicated that with the underfunding of the projects, variance in terms of actual budget and actual funding for five of the projects stood at N26.236 billion.
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Author Africa Business Radio
Organization Africa Business Radio
Website -
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