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The Nigerian National Petroleum Company Limited says it will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative to review its alleged indebtedness to the federation.
NNPC said it would also work with relevant parties in the reconciliation committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness by the Federation Accounts Allocation Committee . According to the company, it was made to sell premium motor spirit imported into the country “at one third of its value” at the start of Tinubu’s administration,
“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,” Soneye said.
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