The Nigerian National Petroleum Corporation earned revenue of N4.61tn and spent N4.52tn in 2020, according to a report released on Friday.
The report, titled ‘2020 NNPC Annual Performance Review’, was developed by BudgIT in partnership with Oxfam.
According to the organisations, NNPC’s revenue in 2020 showed a 23.8 per cent decrease from the N6.05tn it earned in 2019.
The report said, “The expenditure of all its subsidiaries stood at N4.52tn. Total crude oil production suffered an 11.61 per cent decrease, from the 734.27 million barrels produced in 2019 to the 649.00 million barrels produced in 2020.
“Pipeline breaks, a key cause of oil revenue leakage and production loss, had a 70.28 per cent decline from 1,484 breakpoints in 2019 to 441 breakpoints in 2020.
Likewise, a corresponding 57.87 per cent decline in NNPC’s spending on pipeline maintenance costs was recorded as it plummeted from N126.66bn in 2019 to N53.36bn in 2020.”
According to the report, NNPC’s ailing refineries, led by Kaduna Refining and Petrochemical Company, wiped out a total of N100.03bn from the corporation’s revenue in 2020, despite past announcements of investments in turnaround maintenance.
“Also, despite announcing a deal to boost PHRC’s performance through a colocation agreement with Maire Tecnimont SPA a few years ago, the Federal Executive Council recently approved another $1.5bn for a rehabilitation exercise of the PHRC,” it said.
The report noted that the global oil and gas industry faced the twin shocks of the oil price crash and the COVID-19 pandemic last year, influencing demand and supply of crude oil and plunging Nigeria into its second recession in six years.
It said the amount the NNPC claimed as crude oil losses rose by 35.33 per cent from N3.46bn in 2019 to N5.35bn in 2020, while NNPC’s product losses declined from N32.96bn in 2019 to N15.71bn in 2020.
According to the report, NNPC has struggled to keep its refineries operating profitably.
It said in 2020, the refineries were out of operation, adding that the last time the refineries were in operation was July 2019.
They added that in the 2020 financial year, the refineries in Kaduna, Port Harcourt, and Warri incurred a cumulative loss of N100.39bn and accumulated a total deficit of N486.54bn between 2016 and 2020.
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The report said there was a decrease of 7.99 per cent in the total volume of petrol imported into the country via the Direct Sales Direct Purchase arrangements in 2020, compared to the volume imported in 2019.
It said, “NNPC continues to record shocking losses, with its Corporate Headquarters responsible for its biggest loss worth N123.96bn in 2020. Six other subsidiaries made a cumulative loss of N125.12bn.
“The Nigerian Petroleum Development Company emerged as a shining star in the 2020 financial year with a N148.80bn profit, followed by the Nigerian Gas Company Limited with N80.37bn and the Nigerian Gas Marketing Company with N38.01bn profit.”
They added, “In 2020, $1.50bn, representing 57.25 per cent of the total $2.62bn receipts from crude oil and gas exports, was transferred to Joint Venture Cash call, while the balance of $1.12bn representing 42.75 per cent was remitted to FAAC. From the proceeds from the sale of domestic crude oil, N826.03bn was allocated to JV Cost recovery while N713.12bn was transferred to the Federation Account.”
According to the report, in 2020, the NNPC made a total payment of N1.05tn to the Federation account.
“These include N713.12bn for naira payments from domestic crude and $1.12bn (N342.45bn) USD payments. year on year. This N1.05tn represents a 3.67 per cent decrease from the total N1.09tn remitted to the federation account in 2019 from both equity export and domestic export,” it added.
The President, Major General Muhammadu Buhari (retd.), had recently announced a net profit reported by the NNPC for the first time in its 44-year history.
He had said the corporation made N287bn profit after tax in 2020.
Nigeria Triumph In Dubai Spelling Bee Challenge Despite Sponsorship Woes
Nigeria colours is currently flying high in far away United Arab Emirate, where her team came 1st in the senior category of an intercontinental Spelling Bee competition final held at the weekend.
Nigeria team featured in 2 categories of the 2021 Intercontinental Spelling Bee competition final held on Friday 24th September at the Best Western plus Hotel Deira Creek Dubai.
The team came 1st in the senior category courtesy Oni Inioluwa Daniel of the Ambassadors College, Ota and Nigeria also came 3rd with Olujobi Oluwadarasimi Opeyemi also of Ambassadors College, Ota, Ogun State.
In the junior category Pearl Koshi Etika-Matthews Eni Memorial High School, Calabar, Cross Rivers State came 2nd, whilst Nanret Adamu from St. Augustine College, DU, Jos, Plateau State emerged the most promising Speller in the Senior category.
The Nigerian Consulate in Dubai was ably represented by Consul Prince Wale Awolesi, who donated $500 of his personal funds to the over $4,000 left to settle their bill.
Akin Olu-Philips the executive director Of Peat Philips Foundation, led the team to a successful outing in Dubai.
Female Journalist Laments EFCC Night Invasion Of Her Bedroom, Kitchen
A woman journalist, Mrs. Norah Okafor, has alerted authorities to the invasion of her home in Umuahia, the Abia State capital, by over 25 masked operatives of the Economic and Financial Crimes Commission (EFCC).
The incident, she said, took place on Thursday between 1:36 a.m and 2 a.m.
“At exactly 1:36 a.m, I was alerted by my brother that there were armed robbers at my gate trying to make their way into the compound. Because it was an electric fence, I didn’t bother enough because I felt they could not make their way in. Alas, I was wrong. At 2 a.m prompt, they entered the compound, and they came prepared. There were over 25 of them in two Hilux buses. They were masked and dressed in all-black attire.
A huge member of the team climbed the fence with a pair of pliers and immediately cut off parts of the wires. He jumped into the compound and, with an axe, broke the gate key open to enable the team enter my apartment.
“As a nude sleeper, while they tried to make their way into the compound, I found something to wear while my brothers and I were thinking of a way of escape. The worst case scenario for me was that they would rape or take the only valuable available (a car key).
So, I prepared my mind. The next thing I realised was that about seven of them were in my room with shouts of ‘Lie down, face down; (switch) on the light. Where’s your phone? Where’s your car key?’ They asked for so many things and I became confused. Seeing over 25 hefty men with different kinds of guns, mhen, e don be, be that (It had finally happened, I presumed).
“I handed the phone over to them with the key. Before then, they had taken my laptop. I turned to be sure if they were armed robbers.
They asked for my passwords to all the devices collected with masking tape to identify each. Still in shock, I heard someone destroying everything in the kitchen, my room, that of my brothers and all the drawers. I was still asking myself: what’s happening?
“They asked me to stand and follow them downstairs. Lo and beyond, they unmasked themselves. Hmmmm! Are these criminals? I asked. All my neighbours were already going through the same pain as I was.
They had given my brothers the beating of their lives, carried my neighbour downstairs and tried unlocking all the cars in the compound. And after searching all the phones and laptops, three of them walked in. Behold, they were from EFCC.
“What?” I screamed.
“Shut up” was the next thing I heard.
“When they couldn’t open my phone, they asked me to, and I did. After a while, I asked them: ‘Please, where is your office so I can come and pick up my things on my way to work?’ They asked me what I do and I said I’m a journalist. They asked my neighbour and he said ‘lawyer’; the other one a ‘doctor’.
“They looked at me, handed over the phones and said: ‘We just wasted our time.’
“Those fools spent over one hour molesting and destroying things in this compound. I feel so pained and embarrassed right now. “Is this how EFCC operates? How did we get here? Who is the informant? I am just confused right now. Thank God, my mum isn’t here…”
Yoruba Nation, Biafra Agitators, Two Others Protest As Buhari Addresses UN Assembly Today
While two of the groups are protesting against the regime of the President, Major General Muhammadu Buhari (retd.), the third group will demonstrate in support of the ex-military leader.
One of the groups comprising Yoruba Nation and Biafra agitators, Nigerian Indigenous Nationalities Alliance for Self-Determination, is headed by Prof Banji Akintoye.
Also, activists under the aegis of TakeItBack movement have mobilised for a protest at UN headquarters in New York with demands.
PUNCH gathered that the last group would be holding a pro-Buhari protest tagged, ‘One Nigeria March.’
Akintoye explained that NINAS’ protest tagged, ‘Million-Man Freedom March,’ was to show the world “the crimes against humanity, attacks on press freedom, free speech and other criminalities being aided by the Buhari-led government of Nigeria.”
He also said the agitators “are demanding the conduct of a regional referendum so that the indigenous people can decide on their nationhood”.
The renowned historian accused the Federal Government of sponsoring the counter-protest at UN headquarters, alleging that black foreigners living in the United States of America were “hired at $500 per head.”
Akintoye, in a statement on Thursday by NINAS Director of Public Communications, Mr Maxwell Adeleye, said, “Irrespective of the material and financial superiorities of these Lions, there’s no way they can defeat United Foxes in a democracy.
“The Friday Grand March in New York shall be historic; hence, the Nigerian government is jittery. The ring leader of government officials and a top Lagos journalist are now in New York to start hiring black people who will pretend as Nigerians to stage a pro-Buhari and One Nigeria protest to counter NINAS.
“But we refuse to be rattled. We shall not be intimidated. No oppressor has ever triumphed against the collective will of the people. The people are the government and power belongs to the people. The people make the constitution.”
TakeitBack Movement’s Global Director of Mobilisation, Gbola Owoborode, listed four demands for the activists’ protest, among which were that the leader of Independent People of Biafra and Yoruba Nation activists, Sunday Adeyemo, popularly known as Igboho, should be freed.
He said, “The regime should also free Sowore, unconditionally and drop all charges, of which he has been falsely accused.
“We demand the immediate release of all political prisoners, including Nnamdi Kanu, Igboho and the over 300 #endSARS activists still under illegal detention, as well as an end to terrorism, kidnappings. and banditry that has completely ravaged the entire country.
“The resignation of the Buhari regime that is incompetent, lawless, despotic, nepotistic and corrupt.
It has failed to guarantee the security and welfare of Nigerians which is their primary responsibility as a government. The Buhari Junta must go!”
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