NNPC Partners NEITI To Investigate Alleged Indebtedness To Federation Account

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NNPC Partners NEITI To Investigate Alleged Indebtedness To Federation Account
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The Nigerian National Petroleum Company Limited has said it will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative to review its alleged indebtedness to the federation.

“The NGO’s was baseless, considering the fact that NEITI itself had dismissed many of the allegations in the said 2021 report, following a series of engagements with NNPC Ltd,” the statement read.

According to the NNPCL, the subsidy bill accumulated to over N3.736 trillion as of May 31, 2023. The company stated that an accumulation of N174.07 billion in indebtedness by the federation was also recorded due to non-payment of its share of upstream joint venture gas supplied to government-owned plants.

“Similarly, the receivables due from the federation to NNPC Exploration & Production Limited as of 31st May 2023 amount to $712million for revenues not remitted to NEPL but paid into the Federation account. “While the Federation owed NNPCL the sum of N4.207 trillion as net indebtedness, the Company was only indebted to the Federation in the sum of N2.852 trillion, made up mainly of outstanding Good and Valuable Consideration in respect of government upstream divestments, royalties and Petroleum Profit taxes .

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