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The Nigerian National Petroleum Company Limited on Tuesday made it clear that it would no longer remit any money to the Federation Accounts Allocation Committee for sharing to the three tiers of government monthly.
It claimed that this was predicated on its most recent conversion from a public corporation to a limited liability business and that it currently owed FAAC nothing because the old corporation, not the new oil firm, was responsible for all outstanding debts to the committee.
NNPC Limited was formally revealed on Tuesday by President Major General Muhammadu Buhari (ret. ), who also proclaimed that the new organization was going to be exempt from institutional restrictions going forward.
Buhari announced this at the Presidential Villa in Abuja and promised that the oil company will conduct itself going forward in accordance with best global business practices.
Before being formally announced as a limited corporation, the NNPC has not paid FAAC since this year. It had consistently taken out the monthly amount it spends on fuel subsidies, which had reduced the amount it would have given the committee.
Findings revealed that the oil corporation, the country’s sole importer of gasoline, spent N1.274 trillion between January and May of this year on gasoline subsidies. However, it criticized its spending on subsidies as an inadequate attempt to make up for a Premium Motor Spirit/value deficiency.
Mele Kyari, the chief executive officer of NNPC Limited, told reporters on the sidelines of the unveiling of the new oil business that the company was now a private organization and had nothing further to do with FAAC.
We are now a private company; would MTN go to FAAC? Kyari responded in response to a question about what would happen to NNPC’s monthly FAAC contributions.
He responded, “We will pay our taxes, royalties, and distribute dividends to our shareholders,” when pressed further to clarify whether there will be any future FAAC payments from the company.
The CEO responded, “Which arrears? ” when asked about the arrears to FAAC that the company had failed to deliver over time. Nigeria National Petroleum Corporation is that.
Vincent Paul
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