FG owes NNPC N4.207trn, says Spokesman
The Federal Government owes the Nigerian National Petroleum Company Limited, NNPC Ltd, N4.207 trillion.
Spokesman, Mr Olufemi Soneye has disclosed that the debt is a result of months of unpaid petrol subsidies.
Soneye, NNPC’s Chief Corporate Communications Officer, in a statement in Abuja also disclosed that the national oil company however owed the Federation the sum of N2.852 in unremitted revenue leaving a net balance of N1.355 trillion in NNPC’s favour.
He said NNPC will continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders in the Reconciliation Committee set up by President Bola Ahmed Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the Federation by both NNPC Ltd. and the Federation Accounts Allocation Committee, FAAC.
While the Federal government owed NNPC Ltd. the sum of N4.207 trillion as net indebtedness, the Company was only indebted to the Federation in the sum of N2.852 trillion, made up mainly of outstanding Good and Valuable Consideration (GVC) in respect of government upstream divestments, royalties, and Petroleum Profit taxes (PPT).
He added that the relationship with NEITI has been very cordial, as seen in August 2020 when we became an EITI supporting company, joining a group of over 65 extractive companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners committed to observing the EITI supporting company expectation.
