• Home
  • Top Stories
  • News
    • Photo News
  • Politics
  • Business
  • Crime & Security
  • Sports
  • Intimacy
  • About Us
    • Contact Us
    • Privacy Policy
    • Advert Rate
  • More
    • Lifestyle & Entertainment
    • Foreign News
    • Health
    • Opinion
Facebook Twitter Instagram
Sunday, September 24
Facebook Twitter Instagram
Prompt News
  • Home
  • Top Stories
    Featured

    Police declare Ekiti State Varsity 500 level student missing

    News September 23, 2023
    Recent

    Police declare Ekiti State Varsity 500 level student missing

    September 23, 2023

    Irregular Sex: Wives are also crying, by Bosede Ola-Samuel

    September 23, 2023

    Secondary school student commits suicide in Benue

    September 22, 2023
  • News
    1. Photo News
    Featured

    Champion resistance of foreign interferences in internal affairs of African countries, Coalition urges Tinubu

    News September 23, 2023
    Recent

    Champion resistance of foreign interferences in internal affairs of African countries, Coalition urges Tinubu

    September 23, 2023

    Leadership crisis tears Adventist Church apart in Abia

    September 23, 2023

    Police declare Ekiti State Varsity 500 level student missing

    September 23, 2023
  • Politics
    Featured

    My ambition is to support President Tinubu to succeed – Gov. Bello

    Politics September 23, 2023
    Recent

    My ambition is to support President Tinubu to succeed – Gov. Bello

    September 23, 2023

    Sanwo-Olu appoints new 22nd HOS as Muri-Okunola joins Tinubu

    September 23, 2023

    2023 Kogi guber election’ll be most peaceful ever – Gov Yahaya Bello

    September 22, 2023
  • Business
    Featured

    Bagudu Hails ADB’s Magnanimity to Nigeria

    Business September 23, 2023
    Recent

    Bagudu Hails ADB’s Magnanimity to Nigeria

    September 23, 2023

    Olayemi Cardoso Assumes Duty As Acting CBN Governor 

    September 22, 2023

    CBN postpones September MPC meeting indefinitely

    September 21, 2023
  • Crime & Security
    Featured

    Money ritual: Five arrested with human skull in Niger

    Crime & Security September 23, 2023
    Recent

    Money ritual: Five arrested with human skull in Niger

    September 23, 2023

    Zamfara: Lawal summons emergency security meeting over varsity students’ abduction

    September 22, 2023

    Repentant Boko Haram member in police net for clubbing ex-wife to death

    September 22, 2023
  • Sports
    Featured

    Ligue 1: Simon Scores, Bags Double Assists In Nantes Home Win

    Sports September 23, 2023
    Recent

    Ligue 1: Simon Scores, Bags Double Assists In Nantes Home Win

    September 23, 2023

    Aribo Wears New Look Ahead Southampton Vs Middlesbrough Clash 

    September 23, 2023

    Ndidi Denies Planning To Leave Leicester City

    September 23, 2023
  • Intimacy
  • About Us
    • Contact Us
    • Privacy Policy
    • Advert Rate
  • More
    • Lifestyle & Entertainment
    • Foreign News
    • Health
      1. Opinion
      Featured

      Irregular Sex: Wives are also crying, by Bosede Ola-Samuel

      Intimacy September 23, 2023
      Recent

      Irregular Sex: Wives are also crying, by Bosede Ola-Samuel

      September 23, 2023

      Intimate Affairs: Unwise sacrifices, By Funke Egbemode

      September 23, 2023

      A Man of Understanding! Self Examination, By Afolabi Olajuwon

      September 21, 2023
Prompt News
Home»Business»Tinubu Sets Up Committee to Reconcile Alleged Discrepancies in NNPC’s Remittances to FAAC  
Business

Tinubu Sets Up Committee to Reconcile Alleged Discrepancies in NNPC’s Remittances to FAAC  

Prompt News OnlineBy Prompt News OnlineJune 22, 2023Updated:June 22, 2023No Comments3 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
NNPC-Headqaurters
Share
Facebook Twitter LinkedIn Pinterest Email

President Bola Tinubu has set up an inter-agency committee to resolve the lingering row between the Nigeria National Petroleum Company Limited (NNPC) and the Federation Account Allocation Committee (FAAC)  in the last couple of years.

“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,” a top industry source said.   

The Presidency source that spoke to our correspondent, on the condition of anonymity said that vested interests had told the new president things that were not entirely factual, prompting the national oil company to write that the matter should be resolved once and for all.

 “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,” the industry source stated.

FAAC had severally accused the NNPC Limited of short-changing it by refusing to pay over N2 trillion to the federation account from crude sales, royalties and taxes while the NNPC Limited on the other hand had said that the Federal Government was owing it over N4 trillion in subsidy payment, power debt and other sundry charges.

The committee, which is expected to begin sitting on Friday, at the Ministry of Finance is mandated to reconcile the controversies surrounding the N4.2 trillion debt the Federal Government is owing NNPC Limited and the N2.1 trillion that the NNPC Limited is said to have failed to remit to the Federation Account. 

Besides, the ministry of finance and NNPC Limited, other members of the debt reconciliation committee include the Nigerian Upstream Regulatory Commission (NUPRC), Federal Inland Revenue Service (FIRS), Office of the Accountant General of the Federation (OAGF) and FAAC Post-Mortem Sub-Committee.

The establishment of the committee  by the President, followed a memo dated June 13, 2023 by the Group Chief Executive Officer (GECO) NNPC Mallam Mele Kyari appealing to him to intervene in the matter.

The letter stated that this was with a view to putting to rest all the allegations and counter allegations by both FAAC and NNPC Limited on the status of the debts and remittances.

Sources close to the Presidency told our correspondent, on the condition of anonymity that although NNPC Limited received several letters from FAAC requesting payment of the about N2 trillion that NNPC is allegedly owing the Federation Accounts,  the Company said it could not pay any money to FAAC pending the reconciliation of the N4.1 trillion debt the Federal Government was owing NNPC Limited. 

“The Federation owes NNPC almost 4.1 trillion and NNPC owes about 2.8 trillion to the Federal Government, so they should actually give us a cheque for the debt of 1.3 trillion they owe NNPC Limited,” one of the sources said.

FAAC Revenue NNPC
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Previous ArticleGov Otti Decries Absence of Federal Secretariat in Abia State 
Next Article Tinubu joins world leaders in Paris to tackle poverty, debt
Prompt News Online

Related Posts

Bagudu Hails ADB’s Magnanimity to Nigeria

September 23, 2023

Olayemi Cardoso Assumes Duty As Acting CBN Governor 

September 22, 2023

CBN postpones September MPC meeting indefinitely

September 21, 2023
Add A Comment

Comments are closed.

Contact Us

HEAD OFFICE, IBADAN:

PNO Dynamic Media Limited
No 20, Oluyole Way, along Favos,
New Bodija, Ibadan, Oyo State, Nigeria.

MANAGING EDITOR/CEO: Akeem Oyetunji, +2348062862057 or 08053866284,
Email: akeemoye@gmail.com

ABUJA OFFICE:

Suite D76, EFAB Mall
Off Gimbya Street, Area 11,
Garki, Abuja

ABUJA BUREAU EDITOR: Harry Awurumibe, 0803 302 4300,
Email: harryawurumibe360@gmail.com

UK OFFICE:

Flat 401 Samuel Garside House,
De Pass Gardens,
Barking IG11 0FG,
London, UK.

EDITOR EUROPE: Bolaji Oyegunle, +447878196776,
Email: gb10oyegunle@gmail.com

© 2023 Prompt News Online. Designed by DeedsTech.
  • About Us
  • Contact Us
  • Advert Rate
  • Privacy Policy

Type above and press Enter to search. Press Esc to cancel.