The Nation Newspaper FAAC, revenue agencies in N1.7tr shortfall talks
, the Nigerian Upstream Petroleum Regulatory Commission and the Federal Inland Revenue Service are in the process of reconciliation with theThe shortfall was traced to these agencies by the Post-Mortem Sub-Committee of the FAAC in its March report.
These efforts aim to resolve the discrepancies and ensure all due funds are paid into the Federation Account. This included: N441.5 million from NNPCL related to November 2023 crude oil and gas revenue; over N61.7 billion from NUPRC for royalty payments from October/November 2023 and N44.2 billion from NUPRC for GVC Forcados/Brass Terminal revenue.
According to the report, “the sub-committee further analyzed the implication of the use of the weighted average rate on PMS importation and discovered that the Exchange Rate Differential from June to December, 2023 was N937, 961,442,969.83 contrary to NNPCL claim of N1, 675,920,811,819.
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