The Nigerian National Petroleum
Corporation (NNPC) says the federation accounts and allocation committee (FAAC)
meeting with governors ended in a deadlock because they wanted extra N40
billion.
The revenue sharing meeting had
ended in a deadlock on Wednesday for the third time since January 2018.
In a statement released on
Thursday by Ndu Ughamadu, NNPC’s spokesman said the corporation made an agreement
with governors to make a monthly remittance of N112billion to FAAC subject to
sales of domestic crude oil allocation for the corresponding month.
This, he said, would happen after
NNPC meets its cash call obligations on joint ventures (JVs), as well as
deductions of the cost of petrol under recovery and pipeline maintenance.
“NNPC was able to surpass the
terms of the agreement with the governors on the monthly remittance for the
month of June by N35 billion, having taken a cue from their postures by taking
from the sum meant for settling cash call obligations,” the statement read.
“The corporation regretted the
governors’ additional request of N40billion, saying it was unfortunate, given
the fact that NNPC is set to exit the cash call phenomenon.”
Maikanti Baru, group managing
director, NNPC had in May said the corporation was faithfully remitting all
revenues accruing to it to the federation account.
“While the process of audit and
reconciliation of accounts is on, a lot of accusations of short payments and
non-remittances are usually traded, we endeavour to keep our cool on these
allegations because we know that we remit whatever is due to the federation
account,” the GMD had said.
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