BusinessHighlightTrending Story

After exiting fuel subsidy shackles, NNPCL begins remittance Into Federation Account, pays N123bn into govt coffers

“Stakeholders said the payment of dividend by the NNPCL attests to the fact that the company under the helmsmanship of the Group Chief Executive Officer, Mallam Mele Kyari is moving in a positive trajectory as enshrined in the PIA”

Barely two months after the NNPCL exited the fuel subsidy shackle removed by President Bola Tinubu, the Nigerian National Petroleum Company Limited (NNPCL) says it has commenced the payment of dividend into the Federation Account.

The payment is in line with the provisions of the Petroleum Industry Act 2021.

Consequently, the oil firm on Thursday, July 20, 2023 begun the payment of interim dividend and PSC profit oil as part of the N907 billion shared by the Federation Account Allocation Committee to the three tiers of government — federal, states and the 774 councils.

At the FAAC meeting chaired by the Accountant General of the Federation, Dr (Mrs) Oluwatoyin Madein, the NNPCL remitted N123bn into the coffers of government.

A breakdown of the N123bn showed that the National Oil Company paid N81bn as monthly interim dividend and N42bn as 40 per cent PSC profit oil, this is in addition to compliance on payment of royalties and taxes.

Stakeholders said the payment of dividends by the NNPCL attests to the fact that the company under the helmsmanship of the Group Chief Executive Officer, Mallam Mele Kyari is moving in a positive trajectory as enshrined in the PIA.

Since he assumed office, Kyari has pursued his Transparency, Accountability and Performance Excellence (TAPE) agenda, a five-step strategic roadmap for NNPC’s attainment of efficiency and global excellence.

Kyari, during the inauguration, had said pursuing TAPE was the only way to turn around the corporation and make it competitive.

Under the roadmap, the Transparency component of the agenda was aimed at maintaining positive image, share values of integrity and transparency to all stakeholders, while the Accountability segment of the campaign is to assure compliance with business ethics, policies, regulations and accountability to all stakeholders.

In terms of the two-prong item of Performance Excellence, Kyari had said the idea was to entrench a high level of efficiency anchored on efficient implementation of business processes which would also emplace an appropriate reward system for exceptional performance among the workforce.

Persecondnews reports that at the FAAC meeting held in Abuja on Thursday, N907.054bn total distributable revenue was shared to the three tiers of government, comprising distributable statutory revenue of N301.501bn, distributable Value Added Tax (VAT) revenue of N273.225bn, Electronic Money Transfer Levy (EMTL) revenue of N11.436bn and Exchange Difference revenue of N320.892bn.

In June 2023, the total deductions for cost of collection was N73.235bn and total deductions for savings, transfers and refunds was N979.078bn.

The balance in the Excess Crude Account (ECA) stood at $473,754.57.

The communiqué stated that from the total distributable revenue of N907.054bn; the Federal Government received N345.564bn, the State Governments received N295.948bn and the Local Government Councils received N218.064bn. A total sum of N47.478bn was shared to the relevant States as 13% derivation revenue.

It stated that gross statutory revenue of N1.152trn was received for the month of June 2023. This was higher than the sum of N701.787bn received in the previous month by N451.134bn.

From the N301.501bn distributable statutory revenue, the Federal Government received N146.710bn, the State Governments received N74.413bn and the Local Government Councils received N57.370bn. The sum of N23.008bn was shared to the relevant States as 13 per cent derivation revenue.

For the month of June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411bn.  This was higher than the N270.197bn available in the month of May 2023 by N23.214 billion.

The Federal Government received N40.984bn, the State Governments received N136.613bn and the Local Government Councils received N95.629bn from the N273.225bn distributable Value Added Tax (VAT) revenue.

The N11.436bn Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.715bn, the State Governments received N5.718bn and the Local Government Councils received N4.003bn.

From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155bn, the State Governments received N79.204bn, the Local Government Councils received N61.063bn and the sum of N24.470bn was shared to the relevant States as 13 percent mineral revenue.

Also in the month of June 2023, Companies Income Tax (CIT) recorded tremendous increase.

Leave a comment

Related Articles

Indisposed Ondo Gov. Akeredolu’s signature forged by aides, Ajulo, SAN alleges

A Senior Advocate of Nigeria, Mr Kayode Ajulo, has alleged that the...

Asake opens up: Love of money propels pursuit of my career

Music sensation and Grammy Award nominee, Asake, has candidly shared insights into...

NPA committed to rallying stakeholders to optimize nation’s rich blue economy – NPA boss, Bello Koko

“Coming immediately after the launch of her sister ship “Great Antwerp, the...

Pilotage contract: INTEL waives $193m interest on debt — NPA

The Nigerian Ports Authority (NPA) says INTELS Nigeria Ltd. has waived $193...

It is unfair to assume all actors are wayward – Olayode Juliana (Toyo Baby)

Actress, Juliana Olayode better known as Toyo Baby has ventured into motivational...

Tragedy! Three Oyo State monarchs die in road crash

  Oyo State has lost three traditional rulers in a single day...

NNPC Ltd’s Kyari, U.S. Sen. Kerry, Moynihan, others brainstorm on climate issues at COP28 in UAE

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited,...

Nigeria-British Chamber of Commerce inagurates Atelly as 18th President, unveils programmes

Ray Atelly has been sworn in as the 18th President of the...

NIPR inducts 327 new members in Abuja

No fewer than 327 people have been admitted as members of the...

Nigeria, Germany sign historic power deal to boost national grid by 12,000 MW

Nigeria and Germany have strengthened their bilateral relations with the signing of...

CBN to freeze accounts without BVN,NIN from March 2024

The Central Bank of Nigeria (CBN) said on Friday that it will...

Legia Fans Set Policeman On Fire, Injure Three Others

Legia football fans set a police officer on fire and injured three...

Ethiopian Airlines bans use of ‘Ghana- Must-Go’ bags by passengers

Ethiopia Airlines has prohibited the use of matted woven bags popularly known...

From playful antics to YouTube stardom with ‘Iya Barakat’ character: My success story – Bimbo Ademoye

Nigerian actress, Bimbo Ademoye, has opened up on the tenacity behind her...

Dare Art Alade celebrates 17 years of love with wife, Deola

In a heartwarming celebration of love, Nigerian singer, Dare Art Alade, took...

Update on Nigeria’s military helicopter crash: NAF confirms incident, gives details

The Nigerian Air Force (NAF) has confirmed that its MI-35P helicopter crashed...

Just in: Kogi INEC Resident Commissioner Escapes Death By Hair’s Breadth

In the aftermath of the off-cycle governorship election in Kogi State with...