Despite the claims by the Nigeria Extractive Industries Transparency Initiative (NEITI) that the defunct Nigeria National Petroleum Corporation (NNPC) did not
Subsidy or under-recovery is the shortfall for the underpriced sales of premium motor spirit , popularly known as petrol.
“The federation owes NNPC almost 4.1trn and NNPC owes about N2.8trn to the federal government, so they should actually give it cheque for the debt of N1.3trn they owe NNPC Limited,” one of the sources said. “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.
The committee, which began sitting in June at the Ministry of Finance, has been mandated to reconcile the controversies surrounding the N4.1trn debt the Federal Government is owing NNPC Limited and the N2.8trn that the NNPC Limited is said to have failed to remit to the federation account.
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