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Finally, NNPC Remits Debts To FG

A report by Daily Post says the Nigerian National Petroleum Corporation (NNPC) has paid a N450 billion debt it owed the federal government. NNPC in its April 2017 monthly financial and operations report, released on Wednesday, June 21, said the last tranche of the sum was paid in March 2017, after paying N6.33 billion on a monthly basis over several months. 

NNPC said it transferred N95.56 billion into the Federation Account during the month under review from the net domestic crude oil and gas receipt, including gas receipts of N2.23 billion. 

In September 2011, the Federation Accounts Allocation Committee (FAAC) resolved that the NNPC should refund over N450 billion in 32 installments after the NNPC said it withheld the money that should have been paid into the Federation Account as stipulated by law. According to the report, contribution from crude oil amounted to $71.81 million, while gas and miscellaneous receipt stood at $70.29 million and $0.013 million respectively. 

The report said: “The April 2017 report indicated a trading deficit of N5.27 billion, representing 6.20 per cent decrease in deficit compared to the previous month’s deficit of N5.62 billion. 

“This decrease in the deficit is mainly attributed to the decrease in NPMC/NPSC/ML expenses relatively, although depleted by lower Nigerian Petroleum Development Company (NPDC) and revenue.” Earlier, it had been reported that the Economic and Financial Crimes Commission (EFCC) recovered $9.8million in cash from a secret bunker owned by Dr. Andrew Yakubu who is a former Group Managing Director of the Nigerian National Petroleum Corporation. 

The discovery was made on February 3, 2017 in a building belonging to Yakubu which is located in the slums of Sabon Tasha area of Kaduna state. 

The anti-graft agency the former NNPC GMD confessed that the money was his and that it was given to him by unnamed persons.