Federation Account: NNPC denies owing N2.3trillion

The management of Nigerian National Petroleum Corporation, NNPC, has reacted to a statement credited to Edo state governor, Adams Oshiomhole that the Corporation owes the Federation Accounts N2.3 trillion.

In a statement issued in Abuja on Sunday by the Acting Group General Manager, Public Affairs, NNPC, Ms Tumini Green, NNPC lamented the “increasing unwarranted and unfounded accusations against it by otherwise informed persons in the polity.”

“We wish to state without any equivocation that we do not owe the Federation Accounts any money as at today, taking into account outstanding subsidies and other associated costs of operations and loses,” Green said.

“We have consistently paid all monies due to Federation Accounts into its CBN account as we receive them’’, adding that some of the monies were paid into the accounts of relevant agencies, including the Federal Inland Revenue Service and the Department of Petroleum Resources.

“But eventually all these payments are credited to the accounts of the FAAC.’’

It said that another important issue which was not taken into account by critics, was the outstanding debts owed NNPC by the Federal Government, especially from subsidy.

“Nigerians may wish to recall that in the wake of January 2012 subsidy saga, there was no budgetary provision for subsidy to NNPC.

“And again in 2013 there was no budgetary provision for subsidy to the Corporation. NNPC has not received one kobo from the Federal Government in the name of fuel subsidy.

“Yet, Nigerians also know that NNPC has been the major supplier of petroleum products to the nation during this period and before.

“Indeed, for the whole period that the subsidy saga continued, NNPC was the sole supplier of PMS across the country, and we never failed to ensure that every nook and cranny of Nigeria was wet with PMS,” it said.

The spokesperson noted that, in addition to the outstanding payments, there are material loses that the Corporation incurs on almost daily basis from crude oil theft, products theft, pipeline vandalism and other acts of sabotage which are beyond the control of the NNPC.

“It is therefore imperative for all state governments, local governments and authorities at all levels to join the NNPC to stem the incessant tide of crude oil theft, pipeline vandalism and other economic sabotage against the nation. That way, more funds will be available to FAAC,.’

NNPC said it would remain resolute in addressing different accusations leveled against it for the purpose of establishing facts for the Nigeria public.

One Comment

1. 

   Kanayo Madu

   October 7, 2013 at 3:35 pm

   Dear Ms. Tumini Green , for the benefit of all Nigeria please answer:
   (1) How many barrels of crude oil is drilled daily in Nigeria ?
   (2)How much crude is loaded daily in Nigeria for export based on actual meter readings and
   (3) How much does Nigeria earn in daily exports of crude oil, in dollar value ?
   Please do not muddle up your answers with exchange rates and payments to IOC for production costs. All Nigerians will like to know answers to these 3 simple questions.