Rachel Samuel<\/p>\n
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A recent report from the Federation Account Allocation Committee (FAAC) has raised concerns, alleging that the Nigerian National Petroleum Corporation Limited (NNPCL) sold crude oil valued at N26.496 trillion but only remitted N13.226 trillion into the federation’s account, withholding a significant N13.270 trillion.<\/p>\n
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Covering the period from January 2012 to May of the current year, the report suggests that NNPCL withheld substantial revenue that should have been channeled into the federation account, raising serious questions about financial transparency and accountability.<\/p>\n
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Furthermore, the report highlights that a total of N4.026 trillion in subsidy claims had been certified by FAAC between January 2010 and December 2015 by the Petroleum Products Pricing Regulatory Agency (PPPRA). Notably, the FAAC has not certified any subsidy claims since then, underlining evolving fiscal dynamics.<\/p>\n
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NNPCL’s financial transactions are under scrutiny, with the report revealing various significant transfers. The corporation paid an interim dividend of N81.166 billion into the Federation Account with the Central Bank of Nigeria (CBN) in September 2023. Simultaneously, the company transferred N2.960 billion as June 2023 crude oil revenue into the federation account, followed by another transfer of N28.489 billion as additional June 2023 crude oil revenue. This was subsequently countered by a N25.407 billion transfer, which effectively nullified an earlier mandate for the CBN to transfer N58.036 billion into the federation account.<\/p>\n
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In August, NNPCL executed an enigmatic “funds transfer” of $158.17 million to the federation account with the CBN, without specifying the nature or purpose of the fund.<\/p>\n
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The report also sheds light on the balances in the federation revenue account held by the CBN, which FAAC initiated following the cessation of petroleum subsidy payments in May, as announced by President Bola Tinubu. As of the weekend, the combined balances for both the domestic oil and non-oil sectors amounted to N1.56 trillion, with August showing a balance of N830.73 billion and September holding a balance of N725.49 billion.<\/p>\n
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<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Rachel Samuel A recent report from the Federation Account Allocation Committee (FAAC) has raised concerns, alleging that the Nigerian National Petroleum Corporation Limited (NNPCL) sold crude oil valued at N26.496 trillion but only remitted N13.226 trillion into the federation’s account, withholding a significant N13.270 trillion. Covering the period from January 2012 to May […]<\/p>\n","protected":false},"author":2,"featured_media":2047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-3929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=3929"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3929\/revisions"}],"predecessor-version":[{"id":3930,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3929\/revisions\/3930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/2047"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=3929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=3929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=3929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}