The Nigerian National Petroleum Company Limited (NNPCL) will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI)
and all relevant stakeholders in the Reconciliation Committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the Federation by both NNPC Limited and Federation Accounts Allocation Committee, FAAC.
Recall that NEITI in it’s 2021 Audit Report said the NNPC failed to remit $1.9 billion to the government’s account at the end of 2021. NNPC Ltd states that at the outset of President Bola Ahmed Tinubu’s administration, it was made to sell Premium Motor Spirit imported into the country at one third of its value, a development that gave rise to an average of N400bn monthly subsidy bill, which subsequently put a strain on its revenues and finances.
The company noted that while the Federation owed NNPC the sum of N 4.207 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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