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NNPC returns N7.61bn to Federation Account

By The Citizen
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As the crisis generated by the alleged missing $20 billion heightens between the Nigerian National petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN), the NNPC has returned N7.16 billion to the federation account.

The Accountant-General of the Federation, Mr Jonah Ogunniyi Otunla, who presided over the  February meeting of the Federation Account Allocation Committee (FAAC), following the exit of Minister of State for Finance, Dr Lawan Yerima Ngama, from the  cabinet, said the  N7.61 billion was part of the  debt owed the federation by the NNPC.

He said the returned debt was part of the N629.12 billion shared among the three tiers of government as allocations for January.

According to  Mr Otunla, the shared amount represented proceeds from statutory allocation, N503.68 billion; value added tax, N82.27 billion; Subsidy Re-investment and Empowerment Programme, N35.54 billion and the NNPC refund of N7.61 billion

Out of the  statutory allocation, the Federal Government, after deducting the cost of collection of N5.24 billion for the Nigeria Customs Service and the Federal Inland Revenue Service (FIRS), got N235.02 billion, about 52.68 per cent; the 36 states, N119.20 billion or 26.72 per cent; while the local governments got N91.9 billion or 20.6 per cent.

Similarly, the oil producing states received N52.30 billion, based on the 13 per cent derivation principle.

Otunla said the country recorded an increase of N60.92 billion in gross revenue, from N479.95 billion received in December to N540.87 billion in January.

'The gross revenue of N540.87 billion received for the month was higher than the N479.95 billion received in the previous month by N60.92 billion, regardless of the disruptions in production and lifting operations that were witnessed in the month under review, due to maintenance, multiple leaks, pipeline breaks and theft,' Otunla stated. Tribune