Reps to investigate NNPC’s alleged non-remittance of N2trn in revenues

Elizabeth AtimeJuly 18, 20233 min

Odudoh noted that the non-remittance of crude sales, royalties and taxes by NNPCL into the Federation Account is a recurring decimal.

 

 

 

The House of Representatives on Wednesday, resolved to investigate allegation of non-remittance of revenues to the Federal Government account by the Nigerian National Petroleum Company Limited (NNPCL).

The House also resolved to investigate the accusation against the company by the Federation Account Allocation Committee (FAAC) of short-changing Nigerians by refusing to pay over N2 trillion to the Federation Account from crude sales, royalties and taxes.

These resolution followed the adoption of a motion on the “Need to Investigate the Non–Remittance of Due Taxes by the Nigerian National Petroleum Company Limited (NNPCL) into the Federation” moved by Rep. Uduak Odudoh, during plenary on Tuesday.

 

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Moving the motion, Odudoh noted that Section 162 (1) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) provides for “The Federation Account” in which all revenues collected by the Government of the federation except such exempted therein are paid.

He also noted that Federation Account belongs to the entire federation while the Federal Government keeps the same in trust on behalf of three tiers of Government in particular and Nigerians at large.

According to the lawmaker, the allocation of revenue (Federation Account, etc.) Act, prescribes the basis for the distribution of revenue accruing to the federation account between the Federal, State Governments and Local Government Areas in Nigeria.

 

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He said, “The fate of the National Development largely depends on how transparent and accountable relevant Government agencies and corporate entities are in the collation, remittance and distribution of revenues solely acquired.

Section 6 of the Allocation of Revenue (Federation Account, etc.) Act, established the “Federation Account Allocation Committee (FAAC)” to among other functions, report annually to the National Assembly in respect of the function under the Act.”

Odudoh further explained that the non-remittance of crude sales, royalties and taxes by the Nigerian National Petroleum Company Limited (NNPCL) into the Federation Account has been a recurring decimal and a sad narrative constituting a subject matter without opposing views.

 

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“The Nigerian National Petroleum Company Limited averred that the Federal Government owed it over four trillion naira of subsidy payments, power debt and other sundry charges and therefore would not remit until the debts are recovered.

Note that the Non–remittance accusation and counter accusation are tantamount to a calculated attempt to disrespect and downplay the collective intelligence of Nigerians,” the motion read.

The lawmakers unanimously adopted the prayers and subsequently referred it to the House Committee on Finance when constituted.

Elizabeth Atime

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