‘NNPCL withholds N13.27tr from FAAC’

The Nation Newspaper ‘NNPCL withholds N13.27tr from FAAC’

sold crude oil valued at N26.496 trillion but only remitted N13.226 trillion into the federation’s account, a report by the Federation Account Allocation Committee has alleged.

This certification was done from January 2010 to December 2015 by the Petroleum Products Pricing Regulatory Agency . The FAAC has since then not certified any subsidy claims. On September 25, the NNPCL made another transfer of N25.407 billon “as September crude oil revenue into the federation account with CBN”. This transfer nullified an earlier transfer of N58.036 billion, which the apex bank was earlier mandated to transfer into the federation account.

The federation revenue accounts consist of various income sources. They are: non-oil revenue, oil revenue, Value Added Tax and Electronic Money Transfer Levy . “This shift towards a more diversified revenue structure has bolstered the country’s economic resilience,” the report said.

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