Pulse.ng logo
Go

NNPC Corporation denies AGF's claim, says it owes N326bn not N3.23tn

In a recent document signed by Isaka Abdulrazaq, Executive Director/Chief Financial Officer of the NNPC, the corporation has denied all claims that it failed to remit N3.325tn to the Federation Account.

  • Published:
NNPC play

NNPC

(Dailytimes)

In a recent document signed by Isaka Abdulrazaq, Executive Director/Chief Financial Officer of the NNPC, the corporation has denied all claims that it failed to remit N3.325tn to the Federation Account.

The Nigerian National Petroleum Corporation (NNPC) confirmed that the organisation is in a reconciliation process with the Nigerian Government and that it owed the government N326.14bn.

Rejecting the Auditor General of the Federation (AGF) claims, NNPC stated that the declaration is inaccurate and was born out of misunderstanding.

Read: Nigeria to begin exportation of petroleum, petrochemical products in 4 years

The NNPC wishes to state in strong terms that the AGF’s declaration is inaccurate.

The Auditor-General of the Federation’s declaration is erroneous. It should also be noted that although this period is before the new NNPC management was appointed in August 2015, the management still deems it fit and important to correct any misinformation about the activities of the corporation as this will adversely affect its current and future financial and operational plans if not corrected.

The declaration by the AGF may have been born out of misunderstanding of how revenues from crude oil and gas sales are remitted into the Federation Account.”

Read: See what Corporation is saying about PMS scarcity on twitter

NNPC further explained the corporation got an allocation of 445,000 barrels daily, which is processed into petroleum products and distributed across the country, adding that the returns from the unprocessed crude, was used to pay for the importation of petroleum products.

After deducting, the cost associated with supply and distribution of petroleum products, the proceeds is then remitted to the Federal Government’s account.

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.