NNPC Refunds N450bn To FG, States, LGs – Adeosun

Written by on June 23, 2017

The Nigeria National Petroleum Corporation, NNPC, has completed the refund of N450 billion to the federation account, to be shared among the federal, states and local governments.

The Permanent Secretary, Ministry of Finance, Mahmoud Isa-Dutse, made the statement on Thursday in Abuja at the monthly meeting of Federal Accounts Allocation Committee (FAAC).

Isa-Dutse, who represented the Minister of Finance, Kemi Adeosun at the meeting, said that NNPC completed the payment in April this year.

recalled that apart from oil revenue, NNPC had for 67 consecutive months, paid additional N6.33 billion into the federation account to be shared among the three tiers of government.

The payment commenced in September 2011 after an audit of the accounts of the oil firm showed that it had been under remitting to the federal government.

During the FAAC meeting, a total of N462.4 billion was shared as revenue among the three tiers of government.

The amount is N46.6 billion more than what the three tiers of government shared as revenue in April.

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