The Federation Account Allocation Committee, FAAC meeting was called off over the non-remittance of about 1.78 trillion naira into the government’s coffers by the Nigerian National Petroleum Corporation NNPC.
About 1.32 trillion naira of the outstanding was unpaid by the NNPC during former President Goodluck Jonathan’s administration. The whereabouts of the cash remains unknown.
Also, from January 2016 to September 2017, NNPC has about over four hundred thousand billion naira yet to be remitted into the Federation Account. The states have queried why such huge cash from crude oil sales revenue will be tagged “outstanding” by NNPC since 2010.
Minister of Finance, Kemi Adeosun, who inherited the challenge of reconciliation between the states and NNPC at the FAAC, is said to be addressing the matter.