Despite the claims by the Nigeria Extractive Industries Transparency Initiative (NEITI) that the defunct Nigeria National Petroleum Corporation (NNPC) did
not remit $1.9 billion to the federation account in 2021 before transitioning to a commercial venture, the Federal Government has the biggest indebtedness to the national oil company with about N4.1 trillion for subsidy payment, DAILY POST has learnt.
President Bola Tinubu had on May 29 removed the subsidy on petrol following the inability of the Federal Government to fund the huge payment burden. From January 2023 to May 2023, petrol under-recovery totalled N1.828 trillion, which is 55 per cent higher than the N1.27 trillion paid in the corresponding period of 2022.
President Bola Tinubu has already set up an inter-agency committee to resolve the lingering row between the NNPC Limited and FAAC in the last couple of years. “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 source stated.
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