Another round of trouble is brewing between the Federation Account Allocation Committee and Nigeria National Petroleum Corporation following delay by Nigeria Petroleum Development Company , an NNPC subsidiary, to offset the $1.7 billion owed FAAC.The document, presented to members at the last FAAC meeting in Abuja, reminded members of “a report at its October meeting where NNPC claimed to have obtained government approvals to procure a loan to offset the outstanding $1.
A summary presented by FAAC’s Acting Chairman and Accountant General of the Federation Mr. Idris Ahmed noted that NNPC lifted 100,000 barrels of petroleum twice as ‘good and valuable consideration’ due for payment in December. Ahmed told members that “NNPC at the point of lifting crude oil barrels confirmed that the liftings were the option considered by it to offset the $1.74 billion owed by NPDC.”Ahmed added “the sub-committee was worried that the option of using 100,000 barrels of crude oil lifting per month would take up to 20 years to settle the NPDC debt. There were still outstanding Royalty and Petroleum Profit Tax that NPDC was yet to settle with DPR and FIRS.
It was gathered that a representative of NNPC assured FAAC of the corporation’s commitment to liquidate the debt.
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