Federation Account: Stakeholders Move to Stop NNPC from Collecting, Remitting Oil Royalty

To check the controversy associated with the Nigerian National Petroleum Corporation (NNPC) remittances into the Federation Account, stakeholders in the Federation Account Allocation Committee (FAAC) are moving to stop the state oil company from collecting and remitting royalties accruing from oil.

FAAC has also unveiled plans to probe the N90 billion allegedly underpaid into the Federation Account by the Federal Inland Revenue Service (FIRS).

The move, largely championed by the states, represented in FAAC by the commissioners for finance is considered a potent way of checking the recent frequent deadlocks at FAAC meeting occasioned by the rejection of NNPC remittances.

Controversies surrounding alleged under-remittance by NNPC had culminated in five inconclusive FAAC meetings this year alone-three of them occurring between June 27 and July 12.

THISDAY, July 16, 2018

 

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