November 10, 2024
NNPC Fails To Remit As Federation Shares N786b For May
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NNPC Fails To Remit As Federation Shares N786b For May

The Federation Account Allocation Committee (FAAC) at its meeting, yesterday, shared N786.161 billion between the three tiers of government as federation allocation for the month of May, 2023.

FAAC has accused NNPC of short-changing it by refusing to pay over N2 trillion to the federation account from crude sales, royalties and taxes.

NNPC, on the other hand, says the Federal Government owes it over N4 trillion in subsidy payment, power debt and other sundry charges.

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The Daily Trust newspaper reports that President Bola Tinubu has set up an inter-agency committee to resolve the lingering row between the NNPCL and FAAC.

The paper also adds that the committee, which is expected to begin sitting today, at the Ministry of Finance, is mandated to reconcile the controversies surrounding the N4.2 trillion debt the Federal Government is owing NNPC and the N2.1 trillion that NNPC is said to have failed to remit to FAAC.

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News, Today In the News

News, Today In the News

News, Today In the News