Oil corporation pays N450B debt to FG's account

The Nigerian National Petroleum Corporation has finally offset its debt of N450bn to the

In a report by Punch, the debt repayment was confirmed by the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse on Thursday, June 22, 2017 in Abuja.

Dutse said, “As regards the NNPC repayment, the figure is zero because the NNPC has finished making the payment that they are supposed to make.”

It was also reported that the N450billion indebtedness, which has been a subject of controversy since 2010, was fully repaid after much pressure by state governors, that led to the corporation agreeing to a monthly repayment plan of N6.33bn from September 2011.

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The permanent secretary added that after deducting the cost of collection for the revenue generating agencies, the Federal Government got N147.7bn; the states, N74.9bn; and local government councils, N57.8bn.

Dutse further said, “The distributable statutory revenue for the month is N317.6bn. There is also a proposed distribution of N64.8bn, being the exchange rate differentials.

“Therefore, the total revenue distributable for the current month, including Value Added Tax of N79.9bn, is N462.3bn.”

Dutse said the sum of N20.5bn was given to the oil producing states based on the 13 per cent derivation principle.