NNPC Fails To Remit Accrued Revenue To FAAC Since January 2022 – Report
…Claims subsidy gulps N675.93bn
Since the beginning of 2022, the Nigerian National Petroleum Corporation (NNPC), has not remitted a dime to the Federation Account Allocation Committee (FAAC) on the excuse of huge subsidy spending on petrol.
This was confirmed by figures obtained from the NNPC which indicated that Corporation spent N210.38bn, N219.78bn and N245.77bn as subsidies on petrol in the month of January, February and March 2022 respectively.
The figure showed that a total of N675.93bn was spent in the first quarter of the year under review.
Last Wednesday, FAAC shared N725.57bn among the three tiers of government as revenue allocation for March 2022.
The N725.57bn shared by FAAC for the three tiers of government was from statutory revenue of N521.16bn and Value Added Tax of N204.4bn.
Curiously, instead of contributing to what was shared, the NNPC told FAAC that it would rather deduct or recover N671.88bn from April 2022 proceed expected to be shared at the May 2022 FAAC meeting.
The NNPC explained that the N671.88bn is the valued shortfall it incurred as it remained the sole importer of petrol into the country saying that it has been subsidising petroleum product in billions of naira every month.
