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Business and EconomySenate indicts NNPC over N3.87trn unremitted crude oil sales

Senate indicts NNPC over N3.87trn unremitted crude oil sales

OrderPaperToday –  The Senate has indicted the Nigerian National Petroleum Corporation (NNPC) for under remitting the sum of N3,878,955,039,855.73 revenue from domestic crude oil sales to the Federation Account for the period of January to December, 2015.

The Senate took this position in adopting the recommendations by it’s Committee on Public Accounts on the Annual report of the Auditor-General for the Federation on the Accounts of the Federation for the years ended 31st December 2015.

The upper chamber also called on the Corporation to desist from such unremittances and unapproved spending  as they contravene Section 162(1) of the 1999 Constitution (as amended).

It also mandated the Federation Accounts Allocation Committee (FAAC) or any other approving authority to, as a matter of urgency, approve agreed percentage which should be allocated to NNPC monthly as operational cost to ensure that their operations are not adversely affected.

The issue of NNPC crude allocation and sales has been subject of past parliamentary probes with nothing to show.

In a related development, the Senate in one of its adopted recommendations to the Executive arm of government noted that the sum of  N12,137,140,361.58 outstanding collection from Solid Minerals, not remitted to the Federation Account, but kept in an account maintained by the Central Bank of Nigeria (CBN) contravenes the provisions of Section 162(1)of the 1999 Constitution as amended.

 The upper chamber, therefore, charged the FAAC to fix a percentage to be allocated to Mining and Cadastral Office as cost of collection as is currently applicable to NCS (7 percent), DPR (4 percent) and FIRS (4 percent) of non-oil revenue.

Ojochenemi Onje-James
Ojochenemi Onje-James
Ojochenemi Onje-James is a research writer and journalist with years of proven footprints in areas of crime and politics. She has M.Sc in International Relations and Strategic Studies; and B.Sc in Mass Communication.
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