By Udeme Akpan, Power Editor
THE NNPC Restricted dedicated N7.1 trillion into vitality safety, together with petrol subsidy in 2024, up from N4.8 trillion in 2023, indicating a rise of 47.92 per cent.
The corporate launched its 2024 consolidated and separate monetary statements, reporting a revenue after tax (PAT) of N5.4 trillion in its audited monetary assertion, protecting the 12 months of 2024, Monday this week.
NNPC Restricted mentioned the “vitality safety expense” happens when there’s a distinction between the alternate charge used to set the petrol ex-coastal value and the precise alternate charge on the time the import fee is settled.
In accordance with NNPC, the quantity is owed to the NNPC group (comprising subsidiary corporations), as it’s recovered and deducted from the month-to-month remittances.
Additionally, the report famous that the fee incurred by “NNPC Restricted (Group) because the vitality provider of final resort for vitality safety causes, and all related prices shall be on the account of the Federation”.
The corporate mentioned: “Nonetheless, the price of importing this PMS is often a lot larger than this regulated value. The beneath restoration is actually the distinction between the precise touchdown price of the product and the regulated value. This stability is used to cut back the price of gross sales of the Group.
“The corresponding entry is both used to cut back the legal responsibility as a result of federation or used as a receivable from the federation.”
Nonetheless, to additional improve Nigeria’s vitality safety, the corporate mentioned it has already opened 12 Compressed Pure Fuel, CNG stations and plans are underway to open 226 extra stations by 2030.
Additionally, NNPC disclosed that it generated N45.1 trillion in income from “contracts with clients,” for crude oil, petroleum merchandise, pure fuel, energy, and providers.
NNPC reported incomes N29.2 trillion from crude oil gross sales in 2024 — greater than double the N14.07 trillion from the identical income stream in 2023.
The oil agency additionally earned N9.68 trillion from petroleum product gross sales in 2024, up from N7.14 trillion in 2023, including that its petroleum product income was generated from sale of petrol, dual-purpose kerosene (DPK), automotive gasoline oil (AGO), naphtha, lubricants, in addition to different associated merchandise.
The report confirmed {that a} complete of twenty-two subsidiaries and one three way partnership (JV), categorised as “associated events,” owed the NNPC N30.29 trillion mixed in monetary transactions in 2024.
It acknowledged: “By way of a mix of sturdy strategic initiatives, NNPC Restricted achieved important milestones throughout the upstream, midstream, and downstream sectors of the vitality worth chain in 2024.
“We recorded a rise in nationwide manufacturing ranges, peaking at 1.8 mbpd, the very best since January 2022. This was made doable by the rollout of Accelerated Manufacturing Restoration Initiatives (APRI) championed by NNPC Restricted.
“Different notable accomplishments had been: The official unveiling of Utapate crude oil mix, which was very nicely acquired by the worldwide crude oil market because of its extremely engaging qualities.
“The Remaining Funding Determination (FID) for the Ubeta fuel discipline was made, amounting to $550 million. That is anticipated to provide about 350 mmscf/day of fuel and 10,000 bbls/day of related liquids.
“The commissioning of the AHL Fuel Processing Plant 2, the ANOH Fuel Processing Plant (AGPC), and the ANOH-OB3 CTMS Fuel Pipeline Mission, with a mixed output estimated at 500mmscf/d, is anticipated to extend fuel provide to the home market, foster a extra beneficial funding.”
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