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New revenue template exposes alleged NNPC’s lax probity

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The new revenue template for revenue-generating agencies of government that came into existence last November may have exposed the alleged tardiness in accountability at the Nigerian National Petroleum Corporation (NNPC).

The Federation Accounts Allocation Committee (FAAC) document revealed that the development was largely responsible for the past squabbles between the agency and the states, who had always accused it of under-remitting to the Federation Account for onward distribution to the three tiers of government.

An NNPC report for December 2018 that formed the basis of the January 2019 FAAC meeting indicated that the national oil agency generated N281.745 billion from crude oil sale during the period, yet remitted a paltry N42.839 billion to the Federation Account while the balance was explained away for one payment or the other, including expenditure on government’s priority projects.

The Guardian, February 7, 2019

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