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NNPC Declares Profit But Made Zero Remittance To FAAC — NGF

NNPC petrol

The Nigeria Governors Forum (NGF) has faulted the zero remittance of the Nigerian National Petroleum Company (NNPC) Limited to the federation account in recent months.

Gatekeepers News reports that the Chairman NGF and Ekiti state governor, South West Nigeria, Kayode Fayemi said this at the governors’ forum on natural energy, oil and gas at the fifth Nigeria International Energy Summit (NIES) in Abuja.

Fayemi said it was ironic that the NNPC continued to declare profit but made zero remittance to the Federation Account Allocation Committee (FAAC).

He added that the governors were concerned about the growth of the industry, adding that transparency, accountability and governance were critical in achieving this objective.

He said the Petroleum Industry Act (PIA) was addressing some of the challenges facing the sector — though the governors had raised concerns regarding some of the provisions of the Act.

Fayemi also faulted the oil and gas sector as being on the exclusive legislative list of the federal government.

He explained that when he was the minister of mines and steel development, he reviewed the Act regulating the sector to accommodate more states and local governments’ participation.

Fayemi said, “The NNPC contributed zero to the federation account last month. This is not the first time.

“Of course, we know why; though the price of crude oil is going to about 110 dollars per barrel at the international market.

“The more it goes up, it seems like the more we suffer.”

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