The total amount so far spent this year by the Nigerian National Petroleum Company Limited on the Federal Government’s priority oil sector projects is $3.21bn (N1.322tn), data obtained from the NNPC on Thursday showed.
It was also gathered that the company recorded a funding shortfall of $2.686bn in the amount required to fund the selected priority projects.
An analysis of the NNPC’s Statement of Joint Venture Recovery and Government Priority Projects indicated that from January to November this year, the oil firm consistently made monthly expenses on the projects.
It also posted shortfalls in the funding of the projects in each month during the review period.
The NNPC data showed that the total amount required for calenderised cost recovery and government priority projects during the period under review was $5.896bn.
It, however, stated that the actual functional dollar funding level for the projects for the 11 months was $3.21bn, leaving a deficit of $2.686bn.
Further analysis of the document showed that in January, February, March, April and May, the oil company spent $276.42m, $252.91m, $307.65m, $239.28m and $392.24m respectively.
The firm also invested $202.26m, $240.68m, $352.16m, $380.89m, $355.04m and $210.74m in June, July, August, September, October and November this year.
On funding shortfalls, the report showed that deficits of $259.62m, $283.13m, $228.39m, $296.76m and $143.8m were recorded in January, February, March, April and May 2021 respectively.
For the months of June, July, August, September, October and November, the funding shortfalls were $333.78m, $295.36m, $183.88m, $155.15m, $181m and $325.21m respectively.
The report itemised 24 oil sector projects as being the priority government projects being funded by the national oil company.
Some of them include the expansion of the Escravos-Lagos Pipeline System, Phase II in Delta and Lagos states; Nigeria-Morocco Gas Pipeline (offshore); Gas Revolution Industrial Park, Delta State; and ELPS-Ibadan-Jebba Gas Pipeline in Lagos and Oyo states.
Others include gas supply to Gbaramatu in Delta State; Engineering, Procurement and Construction for the rehabilitation/upgrade of Sapele Metering Station, Oben Metering Station, Delta IV Metering Station, Ajaokuta Metering Station, among others.
Meanwhile the section on crude oil and gas sale in the report stated that the overall NNPC crude oil lifting of 7.71 million barrels (export and domestic crude) in October 2021 recorded 32.9 per cent decrease, relative to the 11.49 million barrels lifted in September 2021.