After refusing to share the revenue made available to the Federal Accounts Allocations Committee, FAAC, by the Nigerian National Petroleum Corporation, NNPC, as statutory allocation for the three tiers of government for June, Commissioners of Finance and Accountants-General of the 36 states have accused the nation’s oil company of falsehood and deceit.
The NNPC had claimed that governors of the 36 states of the federation were making requests on it to transfer an extra N40 billion for them to share in the FAAC despite its remittance of N147 billion to the FAAC in June for sharing by the three tiers of government.
It stressed that the extra request by the governors was against the terms of the agreement it had with them on the matter.
But speaking on Saturday, the Commissioners of Finance Forum in FAAC disputed the figure the NNPC said it remitted for sharing, insisting that the oil firm transferred only N127 billion, being the equivalent amount remitted in May, leaving a shortfall of N20 billion.
Speaking with reporters in Abuja, Chairman of the Forum, Mamood Yunusa, stated that since Wednesday, Finance minister, Mrs Kemi Adeosun has been meeting with members of the Forum, along with Federal Ministry of Finance officials, Office of the Accountant General of the Federation, Central Bank of Nigeria and the NNPC top management over the issue.
Yunusa who provided more details on Sunday, said based on all provable assumption and parameters, the NNPC should have “remitted N60 billion as royalty based on the verbal admission of Department of Petroleum Resources (DPR)”.
Similarly, based on the MTEF (Medium Term Expenditure Framework) submitted by NNPC, the expected Petroleum Profit Tax (PPT) should have been 1.46 multiplied by N60 billion, “amounting to N87.6 billion”.
He said the total figure would come to about N147.6 billion, which is what was expected to be remitted to the federation account, against N127 billion “the NNPC actually paid”.
Apart from the figure, the Forum chair said the NNPC also claimed it spent about N3.5 billion to take care of product pipeline leakages/vandalism.