ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, January 17, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Nigeria oil firm, NNPC Headquarters, Abuja

Nigeria oil firm, NNPC Headquarters, Abuja

NNPC speaks on FAAC revenue sharing controversy

byBassey Udo
June 28, 2018
2 min read

The Nigerian National Petroleum Corporation (NNPC) on Thursday said it did nothing wrong with the amount it deposited for distribution to the three tiers of government in June.

The corporation was responding to the decision of the Federation Accounts and Allocation Committee (FAAC) not to share the available money during its meeting on Wednesday allegedly because the NNPC did not remit sufficient funds.

On Wednesday, the FAAC meeting ended in Abuja in confusion with members refusing to share allocations for the month.

No member of the committee agreed to talk to journalists as they hurriedly left the auditorium of the finance ministry, venue of the meeting.

However, PREMIUM TIMES had reported overhearing one of the commissioners lamenting on telephone in his conversation with a caller, hinting at the reason the meeting ended in a stalemate.

In the conversation, he blamed the situation on NNPC’s refusal to remit sufficient revenue to FAAC.

But, in a statement issued by NNPC’s spokesperson, Ndu Ughamadu, and sent to PREMIUM TIMES, the corporation said the N147 billion revenue remitted to FAAC for sharing to the three tiers of government in June was “in line with the terms of agreement it had with governors on the matter.”

Mr Ughamadu said the agreement NNPC had with the governors was that the corporation would make a monthly remittance of N112billion only to FAAC.

He said the remittance was subject to sufficient funds from its sales of domestic crude oil allocation for the corresponding month after meeting cash call obligations on Joint Venture (JVs), deductions of Premium Motor Spirit (PMS)-cost under recovery and pipeline maintenance.

RelatedNews

How Nigeria’s debt repayment is taking huge toll on yearly budgets

Ikere Gorge Dam: Nigeria’s abandoned hydropower, fish production facility

Notore begins Turn Around Maintenance of plant

#PTJobs: Business Development Executive

The NNPC spokesperson said the NNPC was able to surpass the terms of agreement with the governors on the monthly remittance for the month of June by N35 billion, having taken a cue from their postures, by taking from the sum meant for settling cash call obligations.

“The corporation regretted the governors’ additional request of N40billion. It was unfortunate, given the fact that NNPC is set to exit the cash call phenomenon,” Mr Ughamadu said in the statement.

Following the abrupt end of the meeting on Wednesday, the chairman of the Commissioners of Finance Forum of FAAC, Mahmoud Yunusa, told reporters members were breaking to go to enable them go and consult with their principals – the state governors – on the next line of action.

Dangote adbanner 728x90_2 (1)

FAAC meeting
FAAC meeting

It is not clear when the committee would reconvene to conclude the meeting, which was attended by Commissioners for Finance and Accountants General from the 36 states of the federation and the Federal Capital Territory.

Since February this year, FAAC meetings have ended in a stalemate, with members always accusing the NNPC of remitting insufficient revenue for sharing.

After the meeting ended in confusion in February, it took the intervention of the finance minister, Kemi Adeosun, and the vice president, Yemi Osinbajo to settle the matter.

At the end, representatives of the states and the FCT agreed to reconvene the following day and share the N647.39 billion that was available for sharing.

But, officials of the committee and those of the finance ministry and the Office of the Accountant General of the Federation have always been reluctant to disclose to the public, agreements they had, at the end of such reconciliation meetings.

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

After the fiasco in February, the finance ministry officials said a conciliatory meeting was convened with the top hierarchy of NNPC to reconcile the revenue shortfall.

ADVERTISEMENT

However, since then, no report has been issued by any of the parties to the meeting on what transpired.

At the end of the FAAC meeting last month, Permanent Secretary, Federal Ministry of Finance, Mamhoud Dutse, parried a question by PREMIUM TIMES reporter who sought to know the outcome of the conciliatory meetings.

He said there was nothing unusual with the scrutiny by the committee members of the revenues returned by the NNPC.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (2)
premiumtimes



PT Mag Campaign AD

Previous Post

How Boko Haram, Nigerian military killed, maimed hundreds of children – UN

Next Post

Nigerian government encouraging killers – Amnesty International

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Jubril Martins-Kuye,

JUST IN: Jubril Martins-Kuye, former minister of commerce, is dead

January 17, 2021
President Muhammadu Buhari and his vice, Yemi Osinbajo looking happy. [PHOTO CREDIT: Official Instagram page of Yemi Osinbajo]

In 2021, Buhari, Osinbajo will spend N3.4 billion on feeding, travels

January 17, 2021
COVID-19 vaccine. [CREDIT: Duetsche Welle]

How COVID-19 vaccines will be administered to Nigerians — Official

January 17, 2021
This map depicts the international routes used to traffic pangolins, spanning mostly within Africa and Asia. The majority of demand for pangolins is believed to be from China, where pangolins are consumed and its scales used in traditional Chinese medicine. Data: Nepali Times

AfCFTA: What Nigerian businesses must do to export to African countries – Official

January 17, 2021
A COVID-19 patient being attended to in the isolation center [PHOTO: TW: @NCDCgov]

Coronavirus: Nigeria records 1,598 new cases, seven more deaths

January 17, 2021
Minister of Finance, Zainab Ahmed [PHOTO CREDIT: @ZShamsuna]

How Nigeria’s debt repayment is taking huge toll on yearly budgets

January 17, 2021
Next Post
Nigeria Police

Nigerian government encouraging killers - Amnesty International

Governor Nyesom Wike (right) with Mr Ahmed Makarfi in Rivers state on Wednesday

“Nigerians who love democracy are with Governor Wike" – Makarfi

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.