Again, NNPC fails to remit $1.48bn into Federation Account
May 16, 2015 :
Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke
The
Federation Accounts Allocation Committee on Friday raised the alarm
that the Nigerian National Petroleum Corporation has yet to remit
$1.48bn into the Federation Account as directed by PriceWaterHouse
Coopers in its forensic audit of the corporation.
PriceWaterHouse Coopers was last year
hired to carry out the exercise following an allegation by the former
Governor of the Central Bank of Nigeria, Lamido Sanusi, that $20bn was
not remitted to the Federation Account by the NNPC.
Sanusi, who is now the Emir of Kano, had
written a letter to President Goodluck Jonathan that $49bn was not
remitted to the Federation Account by the NNPC. But following the
controversy which the letter generated, a committee was set up to
reconcile the account.
Sanusi later recanted and said the unremitted fund was $12bn. He later again changed the figure to $20bn.
PwC, in the report, had stated that
while the total gross revenues generated from crude oil lifting was
$69.34bn between January 2012 and July 2013 and not $67bn as earlier
stated by the Senate Reconciliation Committee, what was remitted to the
Federation Account was $50.81bn and not $47bn.
Of the $69.34bn, the audit report
revealed that $28.22bn was the value of domestic crude oil allocated to
NNPC, adding that the total amount spent on subsidy for Premium Motor
Spirit amounted to $5.32bn.
FAAC had at its last meeting constituted
a committee to find out the reasons for the delay in making the funds
available to the three tiers of government.
Barely had the committee swung into
action than the Minister of Petroleum Resources, Mrs. Diezani
Alison-Madueke, stated that the NNPC had begun refunding the $1.48bn
into the federation account as recommended by the audit firm. She said,
“The PriceWaterHouse Coopers forensic audit that was done a few weeks
ago, in its recommendation, mentioned that $1.48bn was owed by NPDC for a
block that had hitherto been assigned from the NNPC to NPDC, which is
its subsidiary.
“They felt that the right process would
be that NPDC will refund that money to the Federation Account. NPDC has
apparently started those refunds and it is also in discussion with NNPC
and DPR on same. So the refund has actually begun.”
But the Chairman, Forum of Finance
Commissioners of FAAC, Mr. Timothy Odaah, while speaking on the matter
during an interview with journalists after this month’s allocation
committee meeting, insisted that no amount had been transferred to the
account.
He said, “The most important thing is
for the public to know that we campaign and demanded for it because it
is the money meant for the states and the federal government as well as
the local governments.
“Entirely, it is the nation and Mr.
President has directed that the money be paid to the federation account
including the minister of petroleum but it is important to know that we
have not seen anything.”
Meanwhile, the Minister of State for
Finance, Mr. Bashir Yuguda, on Friday said that N388bn was shared among
the federal, states and local governments as statutory allocation for
the month of April, 2015.
Yuguda announced this in Abuja when he
addressed newsmen on the outcome of the end of this month’s FAAC
meeting. He said, “The total revenue distributable for the month of
April, including VAT of N75.1bn, is N388bn.”
Giving the breakdown of revenue among
the three tiers of government, Yuguda said the Federal Government
received N132.1bn, representing 52.68 per cent; while the 36 states got
N67bn, representing 26.72 per cent. The local governments, he said,
received N51.6bn, amounting to 20.60 per cent of the amount distributed.
He announced that N23.1bn representing 13 per cent derivation revenue was shared among the oil producing states.
On the constant lower revenue shared in
the past months to, the minister said “frequent shut down and
shut-in-trucks and pipelines at terminals continued to impact negatively
on crude oil revenue.”
The minister advised the incoming
administration to focus on the diversification of the economy, good
governance and blocking of all revenue leakages to attain optimum
service delivery
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