FAAC: NNPC fails to remit N4tn from crude oil sales – Auditor-General

The Nigeria National Petroleum Corporation (NNPC) failed to remit a total of about One hundred and ninety-eight billion naira in 2016 to the Federation Account, bringing the total under remittance of revenue from domestic crude oil sales by the corporation to over N4 trillion.

The Auditor-General of the Federation, Anthony Ayine, made this known in his 2016 annual report recently released and obtained by Ripples Nigeria.

According to the report, “It was observed from the examination of NNPC report to Technical Sub- Committee of Federation Account Allocation Committee meeting held in December 2016 that accumulative total of N4,076,548,336,749.75 remained unremitted to the Federation Account by NNPC as at 31st December 2016.

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“The total revenue unremitted as at 1st January 2016 from amounts payable into the Federation Account by NNPC was ₦3,878,955,039,855.73. The sum of N1,198,138,355,860.30 was due in revenue to the Federation Account out of the total generated in 2016, however, NNPC paid the sum of N1,000,545,058,966.20 resulting in an amount withheld of N197,593,296,894.02.

“This brought the total amount withheld by NNPC from the Federation Account as at 31 December 2016 to N4,076,548,336,749.75,” he stated.

Recall that the monthly meeting of the Federation Accounts Allocation Committee (FAAC) had on four occasions ended in deadline this year, owing to alleged failure of the NNPC to remit accurate revenue to the Federation Account.

Under section 85 (5) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), the Auditor-General is expected to submit an audit report of Accountant-General’s Financial Statements to the National Assembly within 90 days of receipt of the Statements from the Accountant-General of the Federation.

By Oluwasegun Olakoyenikan….

 

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