“Nigeria’s Money Has Finished": Governor Soludo Blasts NNPC for Failing to Remit Oil Funds to FG

• The Anambra state governor has tackled NNPC Limited for allegedly failing to deliver oil revenues to the federal government
• Mr Charles Soludo alleged that between February and June of 2024, the oil company was yet to remit oil money into the federation account
• He said that the FG has been depending on remittances from the Customs Service and tax revenues to fund monthly allocations to state governments

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.

Governor Charles Soludo of Anambra State has alleged that the Nigerian National Petroleum Company Limited (NNPC Ltd) has not remitted oil revenues to the Nigerian government for over five months.

He made this statement during an event held at the Dora Akunyili Women Development Centre in Awka, the capital of Anambra State.

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According to Premium Times, a video of the governor’s remarks has been widely shared on social media.

Governor Soludo tackles NNPC

Governor Soludo alleged that the federal government has had to depend on revenues generated from other agencies and sources for the period in focus.

Soludo told attendees at the event in Igbo language:

“Nigeria’s oil money has finished. Are you people hearing me?

“Since February, March, April, May and this June that just ended, NNPC has not paid any money into the Federation Account from oil revenue."

He asserted that the funds distributed as monthly allocations to federal, state, and local governments have been sourced from revenues generated by the customs service, taxes, and other similar streams.

Governor Soludo’s allegation followed shortly after NNPC Ltd acknowledged that it owed an unspecified amount to suppliers of Premium Motor Spirit, commonly known as petrol.

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Olufemi Soneye, the NNPC Ltd spokesperson, had responded to claims that the company was in debt to international oil suppliers to the tune of $6.8 billion.

However, Soneye did not disclose the precise amount owed to the petrol suppliers.

Petrol prices at NNPCL outlets across the country were increased from approximately N568 to more than N855 amid the scarcity that has been ongoing for two months.

NNPC declares over N3 trillion profit

In related news, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) announced a net profit of N3.29 trillion for 2023.

The new figure is the highest since 1977 and represents a 28%, or N700 billion, increase from the N2.54 trillion profit declared for 2022.

NNPCL said the results reflect the commitment and hard work of the company's management and staff.

Source: Legit.ng