N147bn June Remittance to FAAC: We Deserve Praise, Says NNPC

The Nigerian National Petroleum Corporation (NNPC), on Thursday insisted that it deserves nothing but accolades after remitting much more than was agreed with the governors of the nation’s 36 states earlier.

Justifying its N147bn June remittance to the Federation Accounts and Allocation Committee (FAAC), the corporation, in a statement by Ndu Ughamadu, Group General Manager, Group Public Affairs Division, said the agreement requires it to make a monthly remittance of N112bn to FAAC.

Even then, he noted that such amount is “subject to sufficient funds from sales of domestic crude oil allocation for the corresponding month after meeting cash call obligations on JVs, deductions of Premium Motor Spirit (PMS)-cost under recovery and pipeline maintenance.”

He said the NNPC successfully surpassed the terms of that agreement with the governors on the monthly remittance for the month of June by N35bn or 31.25%, “having taken a cue from their postures by taking from the sum meant for settling cash call obligations.”

It described as unfortunate the Governors’ additional request of N40bn, at a time the NNPC is set to exit the cash call phenomenon.