Whereabouts Of NNPC Unremmited N1.78 Trillion Unknown
The Federation Account Allocation Committee (FAAC) meeting was called off last Thursday over the non-remittance of about N1.78 trillion into the government’s coffers by the Nigerian National Petroleum Corporation (NNPC).
About N1.32trillion of the outstanding was unpaid by the NNPC during former President Goodluck Jonathan’s administration.
The whereabouts of the cash remains unknown.
Also, from January 2016 to September 2017, NNPC has about N460. 649bilion yet to be remitted into the Federation Account.
The states have queried why such huge cash from crude oil sales revenue will be tagged “outstanding” by NNPC since 2010.
They also demanded an update from the NNPC on about $172,913,617.30million outstanding payments from the NLNG Feedstock sales, Chevron Cheetah Project, Royalty Oil Sales Value lifting by TEPNGA MCA, RDP Price Review and others.
But, the Minister of Finance, Mrs. Kemi Adeosun, who inherited the challenge of reconciliation between the states and NNPC at the FAAC, is said to be addressing the matter.
The minister, who is determined to bring the states back to the FAAC meeting, may also address the press on the stalemate.