#Country Updates #Finance #News #Nigeria

NNPC skips remittances to FAAC for April & May

The Nigerian National Petroleum Corporation, NNPC has said it would not make any remittance to the Federation Accounts Allocation Committee, FAAC for the month of April and May due to fuel subsidy payments.

In a document titled ‘January to March actual and April to June projected remittance to federation account’, the Corporation further stated that it would be able to remit only N12.966bn into the account for June.

The FAAC committee meets monthly to share funds generated by the Nigeria Customs Service, the Federal Inland Revenue Service and the NNPC among federal, state, and local governments. The NNPC is the biggest contributor to the account due to huge revenue generated from crude oil.

The document was attached to a letter written to the Accountant General of the Federation, dated April 26, and signed by the NNPC’s Chief Financial Officer, Umar Isa.

Copies of the draft were also sent to the Minister of Finance, Budget, and National Planning; the Director-General of the Nigeria Governors’ Forum; the Director, Home Finance; and the Chairman, Commissioners of Finance Forum.

According to the letter, the Corporation explained how fuel subsidy had affected its revenue to FAAC.

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Source: SweetCrudeReports

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