Bleak Easter looms for workers: As States reject NNPC remittance of N74.1bn 

With relative peace in the Niger Delta resulting in the production of around 2.3 million barrels of crude per day and increasing prices in the market, Nigerian National Petroleum Corporation (NNPC) submitted N74.1 billion for the Federation Account for the month of February, 2018 to be shared in March against the N111 billion it presented in January, disbursed in February 2018.

And after more than one week of bickering and horse-trading, the Federation Account Allocation Committee (FAAC) meeting for the month ended abruptly on Tuesday non-conclusively.

Commissioners for Finance unanimously rejected the proposed N557,943,053,448.44 billion proposed for sharing to the three tiers of government by the Accountant General of the Federation, Mr. Ahmed Idris who chaired the meeting.

The anger of the states was the “paltry” N74.1 billion submitted by Nigerian National Petroleum Corporation (NNPC) “even without pipeline vandalism and higher crude price in the international market.”

ALSO READ: Can perception of NNPC as a corrupt entity ever go away?

Addressing journalists shortly after the meeting was declared inconclusive, Idris said “issues pertaining to the reconciliation of figures” were the reason for the impasse.

“We must reconcile to the last kobo else we will be committing illegality. NNPC failed to reconcile its figures. We cannot take figures that are incorrect and not verified”, he explained.

The Accountant General said members of FAAC, which include commissioners for Finance in the 36 states were aware that “we are approaching festivities but we have to follow the Constitution and other relevant laws in the distribution of revenues.

“We will reconvene very quickly to look at the figures submitted by NNPC conclusively and then share the revenue.

“We are aware that workers at every level deserve to be paid their salaries while other government businesses must also go on too.”

Idris explained that the Technical Committee had been meeting since last week because “there are multiple revenue generating agencies and we have to wait for them to submit their figures”, he said adding that NNPC only submitted its figures late on Monday and there were issues discovered that must be reconciled.

Chairman of Finance Commissioners’ Forum, Mr. Mahmoud Yinusa who also spoke with reporters said “we believe that what NNPC submitted should be much more than what it is presenting.

“Even if there will be a variance, it must not be more than five percent plus or minus but what is remitted is very unacceptable.

“Sales are high, there is no vandalisation but NNPC’s presentation does not reflect all these”, he fumed.

According to FAAC sources, of the N654.4 billion proposed for sharing on Tuesday, Federal Inland Revenue Service (FIRS) contributed N361.01 billion and Nigeria Customs Service (NCS)- N48.02 billion.