Financial crunch: States, NNPC on collision course
The Federation Account Allocation Committee (FAAC) has asked the Nigeria National Petroleum Company (NNPC) Limited to submit state-by-state consumption of Premium Motor Spirit (PMS) to it. The order is contained in the FAAC Post-Mortem Sub-Committee (PMSC) Final Report submitted to the Whole House at last month’s meeting of the Committee in Abuja FAAC members lamented that the consumption of PMS had been a major concern to members and it was raised at the FAAC plenary. “Therefore, to ascertain the consumption, the sub-committee also requested the relevant agencies to submit the state by state consumption of PMS in the country for 2021,” it was said. A FAAC member told The Nation that “the state governments have had enough of NNPC’s shenanigans and arrogance in its handling of revenue meant for the Federation Account”. The NNPC has not remitted a kobo into the Federation Account since the beginning of this year. The company has reported to the committee that it could not make the expected remittances because it spent its revenue on subsidy.
Financial crunch: States, NNPC on collision course
The Federation Account Allocation Committee (FAAC) has asked the Nigeria National Petroleum Company (NNPC) Limited to submit state-by-state consumption of Premium Motor Spirit (PMS) to it. The order is contained in the FAAC Post-Mortem Sub-Committee (PMSC) Final Report submitted to the Whole House at last month’s meeting of the Committee in Abuja FAAC members lamented that the consumption of PMS had been a major concern to members and it was raised at the FAAC plenary. “Therefore, to ascertain the consumption, the sub-committee also requested the relevant agencies to submit the state by state consumption of PMS in the country for 2021,” it was said. A FAAC member told The Nation that “the state governments have had enough of NNPC’s shenanigans and arrogance in its handling of revenue meant for the Federation Account”. The NNPC has not remitted a kobo into the Federation Account since the beginning of this year. The company has reported to the committee that it could not make the expected remittances because it spent its revenue on subsidy.