Trouble brewing as NNPCgroup owes FAAC $1.7bn
over the delay by the NNPC to off set an outstanding debt of $1.7 billion owed the federation account by Nigerian Petroleum Development Company , a subsidiary of NNPC., FAAC members were angry at the NNPC for reneging on payment after giving assurances to settle the debt.
A summary of the report presented by FAAC acting Chairman, and Accountant General of the Federation Mr. Idris Ahmed, noted that, the NNPC had made two lifting of 100,000 barrels of Petroleum in the name of ‘good and valuable consideration’ that were due for payment in December, 2018. After the presentation of the report, FAAC members particularly the state governments expressed worry over NNPC’s handling of the repayment of the NPDC debt.
It was gathered that, a representative of NNPC assured FAAC of the Corporation’s commitment to liquidate the lingering debt.
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