• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

FAAC Remittances: Federal Govt Sets Up Committee To Reconcile Alleged Discrepancies

by Nse Anthony - Uko
2 years ago
in Business
faac
Share on WhatsAppShare on FacebookShare on XTelegram

The federal government has set up an inter-agency committee to resolve the lingering row between the Nigeria National Petroleum Company Limited (NNPC) and the Federation Account Allocation Committee (FAAC)  in the last couple of years.

Advertisement

An impeccable source who revealed this to LEADERSHIP, said that the committee was set up at the instance of the NNPC’s to President Bola Tinubu seeking reconciliation of the alleged discrepancies.

The committee, which is expected to begin sitting on Friday, at the Ministry of Finance, is mandated to reconcile the controversies surrounding the N4.2 trillion debt the federal government is owing NNPC Limited and the N2.1 trillion that the NNPC Limited is said to have failed to remit to the Federation Account.

“I can comfortably tell you that Mr President has approved the memo from NNPC Limited to set up a committee to reconcile the crisis between NNPC Limited and FAAC over the failure to remit money into the federation account,” the top industry source said.

The presidency source, who craved anonymity, said that vested interests had told the new president things that were not entirely factual, prompting the national oil company to write that the matter should be resolved once and for all.

RELATED

Flight Cancellation: NCAA Launches Complaints Automation Portal

NCAA Launches First SERVICOM Integrated Service Charter

18 hours ago
Equities Market Extends Rebound With N204bn Gain

Equities Market Extends Rebound With N204bn Gain

18 hours ago
ADVERTISEMENT

“So many things have been told to Mr President since assuming office by some vested interests that NNPC Limited has refused to pay into the federation accounts.

“And because we want the general public to know the truth, NNPC Limited management wrote the President to investigate the matter and Mr President has graciously approved that an inter-agency committee be set up to investigate and reconcile the matter,” the industry source stated.

FAAC had severally accused the NNPC Limited of short-changing it by refusing to pay over N2 trillion to the federation account from crude sales, royalties and taxes while the NNPC Limited on the other hand had said that the federal government was owing it over N4 trillion in subsidy payment, power debt and other sundry charges.

ADVERTISEMENT

Besides, the ministry of finance and NNPC Limited, other members of the debt reconciliation committee include the Nigerian Upstream Regulatory Commission (NUPRC), Federal Inland Revenue Service (FIRS), Office of the Accountant General of the Federation (OAGF) and FAAC Post-Mortem Sub-Committee.

The establishment of the committee  by the President, followed a memo dated June 13, 2023 by the group chief executive officer (GECO) NNPC Mallam Mele Kyari appealing to him to intervene in the matter.

The letter stated that this was with a view to putting to rest all the allegations and counter allegations by both FAAC and NNPC Limited on the status of the debts and remittances.

Sources close to the Presidency told our correspondent, on the condition of anonymity that although NNPC Limited received several letters from FAAC requesting payment of the about N2 trillion that NNPC is allegedly owing the Federation Accounts,  the Company said it could not pay any money to FAAC pending the reconciliation of the N4.1 trillion debt the federal government was owing NNPC Limited.

“The Federation owes NNPC almost N4.1 trillion and NNPC owes about 2.8 trillion to the federal government, so they should actually give us a cheque for the debt of 1.3 trillion they owe NNPC Limited,” one of the sources said.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


SendShare10189Tweet6368Share
ADVERTISEMENT
Previous Post

Energy Drink Producers Charge Federal Govt To Protect N400bn Investment In Sub-sector

Next Post

Multiple Taxation: FIRS Partners Police To End Illegal Collection By Touts

Nse Anthony - Uko

Nse Anthony - Uko

You May Like

Flight Cancellation: NCAA Launches Complaints Automation Portal
Business

NCAA Launches First SERVICOM Integrated Service Charter

2025/08/27
Equities Market Extends Rebound With N204bn Gain
Business

Equities Market Extends Rebound With N204bn Gain

2025/08/27
State Of Emergency In Rivers: Way Forward
Business

Tinubu Bans Raw Shea Export For Six Months, Eyes $300m Revenue Boost

2025/08/27
Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu
Business

Nigeria’s Poor Electricity, Weak Infrastructure Hinder Growth But Present Investment Opportunities – Awele Elumelu

2025/08/27
Renaissance Energy Africa Reaffirms Commitment To Safety Operations
Business

Renaissance Energy Africa Reaffirms Commitment To Safety Operations

2025/08/27
Dangote Cement Records Impressive Topline Growth, Sustains Profitability
Business

Dangote Cement Urges Multi-sector Collaboration To Combat Youth Unemployment

2025/08/27
Leadership Conference advertisement

LATEST

Nathaniel Bassey’s ‘Halleluyah Challenge’ Goes To Kirikiri Prison

Bayern Defeat Wiesbaden 3-2 In Dramatic German Cup Clash

African Defence Chiefs Forge United Front Against Terrorism, Cyber Threats

BBN S10: ‘That’s Me 100%,’ Gigi Jasmine Defends Frequent Teary Eyes

Tinubu Departs Brazil En Route Abuja

Tennis Scoring System

JUST-IN: Davido, Rema, Others Top As AFRIMA Releases 2025 Nominations List

Federal Gov’t Orders Shutdown Of Illegal Gold Mining Site In Gwagwalada

Niger Delta People Live On $2 Daily Despite $1trn Oil Revenue — INC

BBNaija10: Dede, Kola Spark Intimacy Rumours After Late-night Moment

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.