SAN FRANCISCO, July 01, (THEWILL) – The Nigerian National Petroleum Corporation (NNPC) has disclosed that it would be meeting with Vice President Yemi Osinbajo, to address the deadlock at the Federation Account Allocation Committee (FAAC).
THEWILL recalls that the FAAC meeting, scheduled to hold Wednesday, was rescheduled as members failed to reached agreement on certain issues, especially on remittances by the NNPC.
Reacting, the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, had on Thursday, accused state governors of making unnecessary demands, stating that the Governors are asking the corporation to remit additional N40 billion to the Federation Account.
According to him, the fresh demand was in breach of the agreement it had with the governors as the NNPC had agreed with the governors to make a monthly remittance of N112 billion to the FAAC, but the NNPC was able to exceed the amount by N35 billion, bringing its remittance in June 2018 to N147 billion.
He further described the demands of the governors as unfortunate, especially as the NNPC had to secure the extra funds from amount meant for meeting its Joint Venture cash call obligations.
Seeking an end to the issues, Ughamadu, in a terse message on Saturday, said the decision to address the issue with the Vice President was due to the stance of the state commissioners of finance.
“The issue will be resolved with the Vice President who chairs the National Executive Council, NEC.”
