NNPC Out of FAAC, Says It Won’t Remit to Federation Accounts Any Longer

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NNPC Out of FAAC, Says It Won’t Remit to Federation Accounts Any Longer

 

By Alabidun Shuaib AbdulRahman

 

The Nigerian National Petroleum Company Limited, NNPC says it would no longer remit any money to the Federation Accounts Allocation Committee for sharing to the three tiers of government monthly.

It said this was based on its latest transition from a public corporation to a limited liability company and that it currently owed no money to FAAC, as all monetary arrears to the committee were owed by the old corporation and not the new oil company.

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This came as President Muhammadu Buhari officially unveiled the NNPC Limited on Tuesday and declared that the new entity was henceforth free from institutional regulations.

President Buhari stated that the oil firm would from now on conduct itself under best international business practice.

Before its official unveiling as a limited company, the NNPC had failed to make any remittance to FAAC since this year. It had consistently deducted the amount it spends on fuel subsidy monthly, a development that had eroded the funds which it would have remitted to the committee.

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