Reps probe NNPC remittances to federation account Press "Enter" to skip to content

Reps probe NNPC remittances to federation account

*Accuse oil giant of withholding N100bn
The House of Representatives on Tuesday, said that it would investigate remittances by the Nigeria National Petroleum Corporation (NNPC), into the federation account from the revenue it generated from crude oil sales between May and June, including funds it realised from other revenue sources.

This resolution was adopted by the House after it considered a motion sponsored by Rep. Ossai Nicholas Ossai, indicting the NNPC for allegedly withholding N100 billion from the Federal Accounts Allocation Committee (FAAC) for June.

According to the House, the probe of NNPC’s remittances and crude oil sales would be carried out by an ad hoc committee that is yet to be constituted.

When constituted however, the ad hoc committee has two weeks within which to conclude its assignment and report its findings to the House for further legislative action.

Moving the motion, Rep. Ossai stated that the N100 billion under remittances by the NNPC prevented the FAAC from meeting, thereby preventing federal, state and local governments from sharing funds that had accrued into the federation account for June.

He said that “this is not the first time the NNPC has failed to fully remit what is due to the federal government, hence slowing down the pace of government businesses across the country.”

Rep. Ossai further declared that the issue of under remittance is coming when crude oil price has risen at the international market above the budget benchmark.

“This implies that the slow pace of government activities is not caused by poor revenue from oil but likely as a result of some individuals not doing what they’re supposed to do,” he added

The House member from Delta state said that many less resource endowed state and local governments depend on the monthly federal allocation to pay workers salaries and allowances, adding that “it therefore means that many Nigerian workers will not be able to get their salary for June”.

He asserted that if the allegation of under remittance and the revenue profile of the NNPC were not investigated, the public oil outfit will in no distant time declare no revenue from the sale of oil and gas.

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