NNPC has remitted $2.7b into its CBN accounts in tranches
By Jeph Ajobaju, Chief Copy Editor
A total $2.7 billion was remitted by the Nigerian National Petroleum Company (NNPC) into its accounts with the Central Bank of Nigeria (CBN) from January to June, a document on its remittances to the CBN shows,
The document, contradicting CBN claims that naira depreciation is caused by non-remittance of funds into foreign the NNPC, confirmed $645 million out of the $2.7 billion was for dividend paid by the Nigerian Liquefied Natural Gas (NLNG).
It also confirmed $1.786 billion was from the operational activities of the NNPC which last month transited to a limited liability company.
The CBN had claimed in report entitled, “The forex question in Nigeria: Fact sheet”, that there is “zero-dollar remittance to the country’s foreign reserves by the NNPC.”
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Remittance breakdown
The NNPC document showed it remitted $2.7 billion to CBN in the first six months of 2022 – with $645 million as dividend paid by NLNG and $1.786 from the operations of the NNPC, per reporting by The PUNCH.
The remittance was wired as follows:
- January – $18,770,418.97
- February – $194, 563, 276.49
- March – $373, 232,875.20
- April – $247,884,295.52
- May – $591,565,425.41
- June – $880,906,761.81
CBN Governor Godwin Emefiele has been in the eye of the storm following the crash of naira now hovering around N700 to the dollar.
The Senate last week invited him to explain why naira keeps on losing value, following a motion sponsored by Senator Olubunmi Adetunmbi.
The Senate also mandated its Banking, Insurance and Other Financial Institutions Committee to investigate CBN intervention funds in some economic sectors.
Adetumbi argued the CBN ban on foreign exchange (forex) sales to bureau de change (BDC) operators caused a spike in exchange rate.
He said only a few people benefit from the CBN import-export window meant to serve the forex needs of businesses.
CBN shifts blame for naira woes
The CBN has, however, blamed the rapid naira depreciation on numerous factors.
2018 – it blamed the forex crisis on the importation of items that should have been manufactured in Nigeria, leading to the ban of forex allocation for 41 items.
2021 – it shifted the blame to BDC operators whom it accused of illegal forex trading.
2022 = the CBN blamed money laundering, politicians, and terror sponsors.
