ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Cover

FAAC deadlock: NNPC can’t continue spending public funds without approval – Governors

20th July 2018
in Cover, National
0
N147 BILLION
0
SHARES
116
VIEWS
Share on FacebookShare on Twitter

“The NNPC had remitted N147 billion into the Federation Account in May, which the governors faulted and described as a far cry from the expected revenue which does not reflect the current economic realities and prices of oil in the international market.”

Juliana Taiwo-Obalonye, Abuja

Governors under the auspices of the Nigerian Governors Forum met Wednesday night in Abuja to resolve some of the issues that deadlocked the last Federation Accounts and Allocation Committee (FAAC) meeting in Abuja.

READ ALSO: FAAC meeting deadlocked again

During their deliberations the governors insisted that the deadlock will continue until the Nigerian National Petroleum Corporation (NNPC) remits what is due the public to government coffers which would be shared equally among the three tiers of government.

The NNPC had remitted N147 billion into the Federation Account in May, which the governors faulted and described as a far cry from the expected revenue which does not reflect the current economic realities and prices of oil in the international market.

The governors also queried the amount that the NNPC is claiming to have paid for petroleum subsidies.

The governors said that final decision of their deliberation will be tabled at Thursday’s National Economic Council (NEC), presided over by Vice President Yemi Osinbajo.

Meanwhile, allocations for the months of May and June were yet to be distributed among the three tiers of government following the rejection of NNPC remittances.

On June 27, when the stakeholders met in Abuja for the sharing of the May accruals into the Federation

Account, the meeting ended in a stalemate as the representatives of the 36 states rejected what NNPC remited.

Sadly, when the meeting reconvened last week, state commissioners for finance in attendance insisted that a permanent solution must be explored to resolve the recurring issue around NNPC remittances to the Federation Account.

The chairman of the forum and Zamfara state governor, Abdulaziz Yari, while briefing journalists at about midnight said, the governors still disagree with the figures presented by the oil Corpo- ration.

“There is a disagreement between the figures presented. I have been on the saddle for seven years and I have been attending NEC for past four months and if I see discrepancies I should be able to tell.”

According to Yari, the agreement NNPC claims it has with state governors to remit a maximum of N112 billion per month was done when oil price was $48 per barrel but now the price $78.

He said, “NNPC said it paid N88 billion for subsidy and in the month of June it said it paid N31 billion but it claimed N57 billion is for payment of subsidy in 2017, that is not acceptable and we won’t give the approval. You can’t just deep your hand into the public purse and take the money, you have to seek approval from the NEC or Mr. President.

“And NNPC said it has N15 billion for miscellaneous, N9 billion for pipeline maintenance, N3 billion for crude loss, all those things are not approved by anyone.

Tags: FAACFAAC deadlockfederation accounts and Allocation CommitteeGovernorinternational marketNational Executive CouncilNECNigerian Governors Forumnnpcoil pricesyemi osinbajo
David

David

Sun News Online team

Related Posts

Internal wrangling bane of northern CAN leadership
National

Nigeria’s unity on trial, CAN warns

4th March 2021
2.3m register for vaccination in 24 hours
Cover

2.3m register for vaccination in 24 hours

4th March 2021
Food embargo: Union ends strike, resumes supplies to south
Cover

Food embargo: Union ends strike, resumes supplies to south

4th March 2021
Next Post
NATION STATE ISRAEL

Israel adopts controversial Jewish nation-state law

RUSSIA NEW GENERATION WEAPONS

Russia shows off new generation of nuclear, conventional weapons

PRESIDENTIAL POLL - MALI

Growing extremism threatens Mali's presidential poll

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

First AFN evaluation meet for Tokyo Olympics holds in Akure

Nigeria: Sad Tale of Insecurity

The revolution has unraveled

Nigeria welcomes COVID-19 vaccine

Evercare commences operation in Lagos

COVID-19: FDNL manufactures carrier to meet vaccines distribution challenge

Trending

Man Utd triggers £43m Lukaku debt clause
Sporting Sun

Man Utd triggers £43m Lukaku debt clause

4th March 2021
0

Manchester United have reportedly triggered a clause in the deal that saw Romelu Lukaku move to Inter...

Bale expects Real  to honour £600k wages

Bale expects Real to honour £600k wages

4th March 2021
Omeruo, Troost- Ekong glad to reunite with teammates

2021 AFCON qualifier: NFF confirms date, venue for Nigeria vs Lesotho

4th March 2021
Tokyo 2020 consultancy firm “paid $370,000” to Diack

First AFN evaluation meet for Tokyo Olympics holds in Akure

4th March 2021
Nigeria: How did we get here? (1)

Nigeria: Sad Tale of Insecurity

4th March 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist