The Federal Account Allocation Committee (FAAC) has again clashed with the Nigerian National Petroleum Corporation (NNPC) over how much the state-owned oil corporation is to remit to it.
Ndu Ughamadu, Group General Manager, Public Affairs of the Corporation, said it gave FAAC N35billion extra from funds reserved for settling cash calls owed its Joint Venture partners, because of the posture of the governors.
In a statement released in response to the stalemate at Wednesday’s revenue sharing meeting between the three organs of the government, Ughamadu said the governors wanted NNPC to transfer another N40 billion to them after NNPC gave FAAC N147 billion — N35 billion more than the N112 billion that the corporation had agreed with the allocation committee to give monthly.
He said that the monthly remittance will be paid subject to sufficient funds from sales of domestic…
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