Following a memo from the Nigeria National Petroleum Company Limited, President Bola Ahmed Tinubu, has set up and interagency committee to resolve the row between the Company and the Federal Accounts Allocation Committee (FAAC), Blueprint has learnt.
Blueprint gathered that the Committee is expected to begin work on Friday, has the ministry of finance, the NNPC Limited, Nigerians Upstream Regulatory Commission (NUPRC), Federal Inland Revenue Service (FIRS), Office of the Accountant General of the Federation (OAGF), and the FAAC Post-Mortem Sun-Committee.
Over the years, there have been back and forth arguments over NNPCL’s contributions to the Federation account. And shortly after President Bola Tinubu pronounced that subsidy on petrol was fine, NNPCL GCEO Mele Kyari had in one of his visits to Aso Rock Villa, told journalists that the Company is being owed N4.2 trillion by the federal government.
NNPCL funded petrol subsidy which it termed under-recovery from it’s expenses, this, it stopped
monthly contributions to FAAC since January 2022.
The Company had received several letters from FAAC requesting the payment of N2 trillion that NNPCL is said to be allegedly owing the Federation accounts while on the other hand, the NNPC Limited had consistently maintained that it could not pay any money to FAAC pending the reconcilation of the N4.2 trillion debt the federal government was owing the Company.
The establishment of the committee followed a memo dated June 13, 2023 by NNPC Limited GCEO appealing to the President to intervene in the matter.
The letter by Kyari stated that it would put to rest all the allegations and counter allegations by both FAAC and the NNPCL on the status of the debts and remittances.
Industry sources who did not want to be named said: “I can comfortably tell you that Mr. President has approved the memo from NNPC Limited to set up a committee to reconcile the crisis between NNPC Limited and FAAC over the failure to money into the Federation account.
So many things have been told to Mr. President since assuming office by some vested interests that NNPCL Limited has failed to pay into the Federation accounts.
“And because we want the general public to know the truth, NNPC Limited management wrote the President to investigate the matter and Mr President has graciously approved that the interagency committee be set up to investigate and reconcile the matter.”
