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FAAC: Buhari to meet NNPC officials over crisis

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FAAC: Buhari to meet NNPC officials over crisis

President Muhammadu Buhari has said he would meet with the officials of the Nigerian National Petroleum Corporation (NNPC) to find a lasting to solution to the controversies surrounding the non-remittances to the Federation Accounts Allocation Committee (FAAC) in June.

Finance Minister Kemi Adeosun stated this while speaking with State House Correspondents after a meeting with President at the Presidential Villa on Thursday in Abuja over the matter.

Last week, the monthly meeting of the FAAC ended in stalemate for the fourth time this year over alleged failure of the NNPC to remit accurate revenue to the Federation Account.

But, the NNPC decried the demand by state governors insisting that the corporation must remit additional N40 billion to FAAC, saying it had remitted N147 billion to the account for the month of June, an amount which it said is N35 billion more than what it agreed with the governors.

Adeosun, while reacting to the issues, said the ministry felt the figures posed by the NNPC for FAAC were “unacceptable” as it could not it could not justify some of the cost it claimed.

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She, however, said the President, who doubles as the substantive Minister for Petroleum, would intervene in the crisis to forestall further delay in the payment of workers’ salaries for the month of June.

“Well, as you know last FAAC meeting ended in deadlock and since the. We have been having series of engagements between ourselves, the governors, the commissioners and of course the various stakeholders.

“Today’s meeting was for me to brief the governors and the chief of staff and by extension Mr. President on the progress we have made so far on our position. Mr. President has promised to take the next step and to that extent we are very satisfied.

“The disputes is not on the gross revenue but on what has been deducted from that gross revenues giving us the net which is being brought into the FAAC. But I think this is a healthy process. We must be satisfied with figures before we sign of on them.

“We are still very much dependent on oil, on NNPC for our revenue, so we do need to have sometimes some of this, I see them more as reconciliations than standoffs. I’m very sure we will have the FAAC in the next day or so,” she said.

 

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