Abuja -The Chairman, Finance Commissioners Forum, Timothy Odah, said the
Nigerian National Petroleum Corporation (NNPC) accepted that it owe the
Odah, the Commissioner for Finance in Ebonyi, made the revelation in Abuja
when he briefed newsmen on the outcome of Friday’s monthly Federal Account
Allocation Committee (FAAC) meeting.
He said the NNPC representative at the meeting admitted that the
organisation owed the federation, and acknowledged not remitting the exact
amount it generated.
The governor of Central Bank of Nigeria (CBN) wrote a letter to the
president, that NNPC failed to remit $49.8 billion to the Federation Account
between 2012 to date.
Odah, however, said the actual amount of its indebtedness would be
determined at the next FAAC meeting.
“The NNPC has admitted that truly they owe the Federation Account and by
that information, we referred the deliberation on the figure of what they say
they owe to the next FAAC meeting.
“This is so that the technical committee will be able to examine NNPC
accounts before we will be able to publicise or accept the figure they have
quoted,’’ he said.
Odah said the NNPC's acknowledgment of its indebtedness to the Federation
Account over revenue it had failed to remit was ``important’’ and described it
as a welcome development.
“You know previously that it has always been a matter of controversy.
“They say they don't owe and sometimes they will say that it is the
federation account that owes them, but this time they have accepted that they
“Although, the difference between what we claim they owe and what they claim
they owe, is very marginal,’’ he said.
Odah also said the FAAC technical sub-committee would begin to work on
measures to further scrutinise remittances by the NNPC in order to avoid such
occurrences in future.