We don't have N40b to give you - NNPC replies governors, says it overpaid FAAC by N35bn

NNPC replies governors, says it overpaid FAAC by N35bn in June

- The NNPC has revealed that it overpaid Federation Accounts Allocation Committee (FAAC) in the month of June

- The corporation claimed it overpaid the account by N35 billion

- It also claimed that it regretted the Nigeria governors’ additional request of N40 billion

The Nigerian National Petroleum Corporation (NNPC) says N147 billion June remittance to the Federation Accounts Allocation Committee (FAAC), was in line with the terms of agreement it had with governors on the matter.

The corporation disclosed this in a statement signed by the group general manager, group public affairs, Ndu Ughamadu, on Thursday, June 28, in Abuja.

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It said that the agreement NNPC had with the governors was that the corporation would make a monthly remittance of N112 billion to FAAC subject to sufficient funds from sales of domestic crude oil allocation for the corresponding month.

It added that the remittance should be made after meeting cash call obligations on JVs, deductions of Premium Motor Spirit (PMS)-cost under recovery and pipeline maintenance.

“NNPC was able to surpass the terms of agreement with the governors on the monthly remittance for the month of June by N35 billion, having taken a cue from their postures by taking from the sum meant for settling cash call obligations.

“The corporation regretted the governors’ additional request of N40billion, saying it was unfortunate, given the fact that NNPC is set to exit the cash call phenomenon,” the corporation said.

Meanwhile, Ujuayalogu'sBlog had reported that again, the monthly meeting of the Federal Accounts and Allocation Committee (FAAC) slated for Wednesday, June 27, ended without any conclusion.

After the meeting, the director of information in the Ministry of Finance, Hassan Dodo, told journalists that the meeting ended inconclusive and had been rescheduled for another date, but he didn't give a reason why no conclusion could be reached by the committee.

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