NNPC denies non-remittance of N4.76tn to federation account

Nigerian National Petroleum Corporation has denied the alleged non-remittance of N4.76tn to the federation account.

The Group Managing director, Mr. Mele Kyari, made this known when he honoured an invitation by the House of Representatives Committee on Public Accounts, where he explained issues raised in the 2015 audit report on the agency’s operations.

The GMD also, through the agency’s official Twitter handle @NNPCGroup, said the deductions made by the agency were used to run its operations.

Kyari explained that NNPC’s activities were backed by the law.

“The NNPC Act is very clear that we should submit the revenue net of our cost. The agency is empowered to make deductions for operational purposes,” he stated.

Meanwhile, the GMD, had during a public hearing organised by the House Committee on Petroleum Resources (Upstream and Downstream) called for a legislative framework with clear fiscal terms to tap the full potential of the gas resources in the nation’s deepwater acreages.

Anozie Egole
Anozie Egole
Anozie Egole is a Transport correspondent. He reports Maritime, Aviation and Rail/Road Transport for Financial Street.

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