Spread the love

NNPCL 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 (FAAC) has alleged.


The report, covering January 2012 to May this year, states that NNPCL withheld N13.270 trillion which should have been paid into the federation account.


According to the report, over the years, a total of N4.026 trillion in subsidy claims was certified by the FAAC. This certification was done from January 2010 to December 2015 by the Petroleum Products Pricing Regulatory Agency (PPPRA). The FAAC has since then not certified any subsidy claims.


The report indicated that NNPCL paid a dividend of N81.166 billion “as September 2023 calendarized interim dividend into the Federation Account with the CBN”. The dividend payment was made on September 18. The same day, NNPCL transferred N2.960 billion as June 2023 crude oil revenue into the federation account with the Central Bank of Nigeria (CBN), and on September 21, the company transferred another N28.489 billion as June 2023 crude oil revenue “into the federation account with the CBN”.


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.


In August, the NNPCL made a “funds transfer” of $158.17 million to the federation account with CBN. The nature of the fund or what it was meant for was not disclosed by the NNPCL in its letter to the CBN.

See also  Is Tinubu's Students' Loan Bill for Public Institutions Alone?


The report also detailed the balances in the federation revenue account domiciled with the CBN.


The FAAC has been saving into the account shortly after President Bola Tinubu announced the stoppage of petroleum subsidy payments on May 29.


As at the weekend, the balances for both domestic oil and non-oil sectors stood at N1.56 trillion.


A breakdown showed that in August, the revenue accounts had balance of N830.73 billion and in September, the balance was N725.49 billion.