25.1 C
Abuja
25.1 C
Abuja

Nigeria has earned over $1bn  from sale of gas to Portugal in 2022 – NNPC GMD

Advertisement

Related

Advertisement
Advertisement

Share this story

Nigeria has earned over $1 billion from Portugal through the sale of natural gas so far in 2022.

Disclosing this on Thursday June 30, 2022 at the sidelines of the 2nd United Nations Ocean Conference in Portugal was the Group Managing Director of the Nigerian National Petroleum Company Ltd. (NNPC), Mele Kyari.

Kyari is in the high-level business delegation led by President Muhammadu Buhari to the Nigeria-Portugal Business & Trade Forum holding in Portugal.


READ ALSO:

Tax payment: FAAC, FIRS rank NNPC high despite zero FAAC remittance

AKK Pipeline Project: NNPC targets first gas delivery in Q1 2023

NNPC calls for special court to prosecute oil theft, laments loss of $1.5bn to vandals

- Advertisement -

Audit report: Reps summon NNPC, subsidiaries over missing N663.89 billion


The NNPC has failed, citing subsidy, to remit money to the federation accout for five consecutive months, and has already recorded a N704bn deficit in the year.

In a fallout from the development, JPMorgan, an American multinational investment bank, has removed  Nigeria from its list of emerging market sovereign recommendations that investors should be “overweight” in.

The investment bank said Nigeria’s national oil company did not transfer any revenue to the government from January to March this year due to petrol subsidies and low oil production, as it moved Nigeria’s debt out of the bank’s “overweight” category.

“Nigeria’s fiscal woes amid a worsening global risk backdrop have raised market concerns despite a positive oil environment,” it said.

In its latest monthly presentation to the Federation Account Allocation Committee (FAAC), the NNPC said it deducted another N327.07bn as shortfall in the month under review.

However, Kyari said at the UN conference, “This year alone, we have sold over a billion dollar worth of natural gas to Portugal.”

- Advertisement -

The NNPC GMD added there were ample opportunities to grow energy supply to Portugal, saying Nigeria had invested in critical infrastructure to ensure domestic gas availability and increase gas supply to the international market.

He highlighted the age-long energy partnership between the two countries, stressing that Nigeria supplies 70 per cent of energy imports to the European nation.

The conference is also being attended by ministers of Foreign Affairs, Geoffrey Onyeama; Information and Culture, Lai Mohammed; Industry, Trade and Investment, Adeniyi Adebayo; Youth and Sports, Sunday Dare; and Communication and Digital Economy, Isa Patami, among others.

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

Advertisement

Recent

#EndSARS: Bauchi governor accused of disregarding panel’s report

BAUCHI State governor Bala Muhammad has been called out for allegedly disregarding the report...

Gashua, senate president hometown haunted by poor sanitation despite multi-million naira water projects

Many streets in Gashua, the hometown of Nigeria's Senate President Ahmed Lawan, are dotted...

CBN increases interest on savings deposits to 4.2%

The Central Bank of Nigeria (CBN) has directed banks in Nigeria to start paying...

Akwa Ibom, Cross River get new resident electoral commissioners

THE Independent National Electoral Commission (INEC) has appointed Cyril Omorogbe and Alalibo Sinikiem as...

Experts proffer solutions to ending airline fraud, leakages

AVIATION experts have said that the institution of a good corporate culture in the...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement