Tinubu Forms Committee To Resolve NNPC-FAAC Dispute Over Unremitted Funds

• President Tinubu forms committee to resolve NNPC-FAAC dispute over unremitted funds.

• Investigation launched into NNPC’s alleged failure to pay N2.1 trillion, reconcile government’s debt.

• NNPC claims government owes over N4.2 trillion in charges.

EKO HOT BLOG reports that President Bola Tinubu has set up a committee to resolve the tussle between the Nigeria National Petroleum Company (NNPC) Limited and the Federation Account Allocation Committee (FAAC).

This online media platform understands that the committee was set up to resolve NNPC’s failure to remit funds into the FAAC account, following a memo from the national oil company.

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A source told The Cable that the NNPC management wrote the President to investigate the claim that it has refused to pay over N2.1 trillion to the federation account from crude sales, royalties, and taxes.

He asserted that the committee, set to begin sitting on Friday at the Ministry of Finance, is tasked with resolving the concerns surrounding the debt owed by the federal government to NNPC.

The source added that the committee is also expected to deliberate on the debt the NNPC is said to have failed to remit to the federation account.

The source 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 remit money into the federation account.

“So many things have been told to Mr. President since assuming office by some vested interests that NNPC Limited has refused 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 an inter-agency committee be set up to investigate and reconcile the matter.”

Members of the committee include the Ministry of Finance, the Nigerian Upstream Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Office of the Accountant-General of the Federation (OAGF), and FAAC post-mortem sub-committee.

Recall that FAAC had accused the NNPC Limited of an inability to pay over N2.1 trillion to the federation account from crude sales, royalties, and taxes.

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While, the NNPC Limited had said the federal government owes it over N4.2 trillion in subsidy payment, power, debt as well as other sundry charges.

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