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The Federation Accounts Allocation Committee (FAAC) has kicked against the deduction by the Nigeria National Petroleum Corporation (NNPC) of N29.857 billion as cost for pipeline repairs and other losses incurred.
FAAC insists that such withheld funds ought to be remitted to the federation account by the state-owned oil firm.
New Telegraph exclusively gathered that the deductions covered two months (July and August 2016) which the state’s national oil giant claimed it spent on oil pipeline repairs, maintenance and products losses.
New Telegraph learnt from a reliable source that FAAC was completely against what it termed NNPC’s unrestricted arbitrary deductions of oil proceeds due for remittance into the federation account on the guise of covering cost for repairs of vandalised pipelines and other losses.
The deductions were said to have been uncovered by a sub-committee of FAAC set up to review and scrutinise FAAC accounts at its last week meeting in Abuja. The committee, in proposing a solution to arbitrary deductions by NNPC, advised FAAC on way forward.
FAAC insists that such withheld funds ought to be remitted to the federation account by the state-owned oil firm.
New Telegraph exclusively gathered that the deductions covered two months (July and August 2016) which the state’s national oil giant claimed it spent on oil pipeline repairs, maintenance and products losses.
New Telegraph learnt from a reliable source that FAAC was completely against what it termed NNPC’s unrestricted arbitrary deductions of oil proceeds due for remittance into the federation account on the guise of covering cost for repairs of vandalised pipelines and other losses.
The deductions were said to have been uncovered by a sub-committee of FAAC set up to review and scrutinise FAAC accounts at its last week meeting in Abuja. The committee, in proposing a solution to arbitrary deductions by NNPC, advised FAAC on way forward.
