NNPC Remits N12 Trillion to Federation Account, Reports N502 Billion Profit Tax

The NNPC has disclosed remitting a total of N12.117 trillion to the Federation Account from January to October, alongside a profit tax of N502 billion in November. Despite challenges in the oil and gas sector, the corporation's revenue stood at N4.358 trillion in November, reflecting a profit margin of approximately 11.5%.

Oil production averaged 1.60 million barrels per day in November, with a slight decline from the year's peak. NNPC's statutory remittances from crude oil sales remained stable, contributing significantly to its earnings.