The Federation Account Allocation Committee (FAAC) has extracted a commitment from the Nigerian National Petroleum Company Limited (NNPCL) to repay the N13.27 trillion it withheld from the federation account.
“The request for instalment payments was agreed upon, but feedback from the superiors at NNPCL is still pending.
“NNPCL keeps sending different representatives to meetings with the FAAC but these representatives don’t give clear answers about when the NNPCL will pay back the money, leading to delays and unresolved issues.
“The situation has reached a point where higher-level discussions between ministers are needed.
“The hope is that individuals with experience in finance and FAAC matters will address the concerns and ensure the return of the withheld funds.”
The FAAC is hopeful that the NNPCL will pay back the money.
It pleaded with the Minister of Finance and the FIRS boss, both of whom were FAAC members as finance commissioners in Lagos and Oyo states, to lead the negotiations with NNPCL and the Petroleum ministry.
The withholding of N13.27 trillion from the federation account by the NNPCL is depriving the country of much-needed revenue.
Between January 2012 and May, the NNPCL sold crude oil worth N26.496 trillion.
