Reps, NNPC disagree on revenue remittance


By EricJames Ochigbo

The House of Representatives Committee on Public Accounts on Tuesday, disagreed with the Nigeria National Petroleum Corporation (NNPC) on the interpretation of its acts.

The disagreement was on the sections of the Act that dealt with remittance of funds to the Federation Account by the corporation.

The committee invited NNPC Group Managing Director, Mr Mele Kyari to explain the financial operations of the corporation in 2015, following a query by the office of the Auditor General of the Federation.

The auditor general had queried NNPC for deducting N865 billion from N2.4 trillion generated by the agency in 2015.

Explaining, Kyari said the actions of NNPC was backed by provisions of the law, which allowed it to make deductions of running costs from source.

“What we do is backed by the provisions of the law. First the NNPC Act is very clear that we should submit revenues net of our cost.

“There is also an informed decision of the Supreme Court and also the…

Source: News Agency of Nigeria