NNPCL gives reason for paying N123bn interim dividend to FAAC

The Nigerian National Petroleum Company Limited (NNPCL) has given reasons for paying an interim dividend of N123 billion to the Federation Account Allocation Committee (FAAC) for June.

NAN reports that the NNPCL Chief Financial Officer, Mr Umar Ajiya, disclosed this in a statement recently.

DAILY POST recalls that FAAC had on Thursday shared N907 billion among the three tiers of government.

Accordingly, NNPCL contributed N81 billion as a monthly interim dividend and N42 billion as a 40 per cent oil Production Sharing Contract (PSC) profit totalling N123 billion.

Ajiya’s said that the move was to consolidate its post-Petroleum Industry Act (PIA) 2021 status as an income-generating company.

“This payment is in addition to compliance on payment of royalties and taxes”, he said.

According to Ajiya, the latest development departs from previous years of sleaze and wastage.

“This will set the track for future profitability and global best practices designed to build NNPCL into a world-class oil company in the ranks of Saudi Aramco, China Petroleum & Chemical Corp., Exxon Mobil Corp., and others”, he stated.

The NNPCL had declared zero remittance to FAAC for the past months due to fuel subsidy removal payments.

Leave a Reply

Your email address will not be published. Required fields are marked *