President Bola Tinubu Forms Committee to Address NNPC-FAAC Dispute Over Billions in Unremitted Funds

…By Dorcas Funmi for TDPel Media. President Bola Tinubu has taken the initiative to address the ongoing conflict between the Nigeria National Petroleum Company (NNPC) Limited and the Federation Account Allocation Committee (FAAC).

The primary focus of this committee is to find a resolution to the issue of NNPC’s failure to remit funds into the FAAC account.

This action was prompted by a memo sent by the national oil company, which prompted the NNPC management to request an investigation into allegations that it has not paid over N2.1 trillion to the federation account from crude sales, royalties, and taxes.

Objective of the Committee

The committee, scheduled to commence its proceedings on Friday at the Ministry of Finance, has been assigned the responsibility of addressing the concerns surrounding the debt owed by the federal government to NNPC.

In addition, the committee will deliberate on the debt that NNPC is said to have failed to remit to the federation account.

By setting up this inter-agency committee, President Bola Tinubu aims to shed light on the matter and bring clarity to the situation, ensuring that the truth is revealed to the general public.

Composition of the Committee

The committee consists of various key stakeholders, including the Ministry of Finance, the Nigerian Upstream Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Office of the Accountant-General of the Federation (OAGF), and the FAAC post-mortem sub-committee.

These representatives from different agencies will collaborate to investigate and reconcile the dispute between NNPC Limited and FAAC.

FAAC’s Accusations and NNPC’s Claims

FAAC had previously accused NNPC Limited of being unable to pay over N2.1 trillion to the federation account, encompassing crude sales, royalties, and taxes.

However, NNPC Limited has countered these allegations by claiming that the federal government owes them over N4.2 trillion in subsidy payments, power-related debts, and other miscellaneous charges.

In light of these conflicting claims, the establishment of the committee signifies the commitment of President Bola Tinubu to resolve the financial discord between NNPC Limited and FAAC.

Through the collective efforts of the committee members, it is hoped that an equitable and satisfactory resolution can be achieved, benefiting both parties involved.

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