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Again, Senate summons NNPC over non remittance of N4.07trn 



Again, Senate summons NNPC over non remittance of N4.07trn 

Senate in session

Senate Committee on Public Accounts, has again, summoned the Nigerian National Petroleum Coporation, NNPC to appear before it tomorrow, Tuesday over non-remmittance of N4.07 trillion to the Federation account between 2010 till 2016.
This is even as the committee has sustained the query of OAuGF against  the NNPC, DPR and Federal Inland Revenue Services, FIRS over unauthorized deduction of N1.5 trillion from the Federation Account, disclosing that only the Nigeria Customs Service, NCS remiited the funds generated to the account before deduction.
The NNPC management had appeared before the committee chaired by Senator Mathew Urhoghide last two weeks to explain that the N4.07 trillion in question  was  expended on oil pipelines  repairs, domestic fuel supplies which were heavily subsidized, security and management matters.
The committee however asked NNPC to provide them with the required details within a week upon which the query will be vacated or sustained.
But,  the chairman of the committee while speaking on the matter said that although the NNPC has submitted the required documents to it, the coporation still needs to appear before the Committee to give oral evidence and defend some of the things in the document.
Urhoghide said: “They need to come before the committee to make further clarification,  we give till this week Wednesday or latest Thursday to appear before us.”
NNPC is expected to appear before the Committee before Thursday  this week according to the chairman to give explanation.
On the unauthorized deduction of N1.5 trillion from the Federation Account by the NNPC, FIRS and DPR, the OAuGF stated that the total revenue inflows to the account from the various collecting agencies as per Central Bank of Nigeria, CBN component statements for the period under audit amounted N6.4 trillion.
“From the total revenue of N2.4 trillion payable to the Federation Account by NNPC, the Corporation deducted the sum of ₦1.3 trillion for Joint Venture Cash Call (JVC) before paying the resulting net figure of ₦1.07 trillion into the Federation Account.
“Department of Petroleum Resources (DPR) collected the sum of ₦733 billion but paid a net figure of ₦706 billion to the Federation Account after deducting excess proceeds on Royalty of N26.7 billion.
“The total amount of ₦2.6 trillion was
generated by FIRS for the period under audit; however, the actual amount
paid into the Federation Account was ₦2.4 trillion after deducting ₦196.5 billion being the total excess proceeds on royalty.
“Nigeria Customs Service (NCS) had a total collection of N638 billion for the period under audit,” the OAuGF stressed in the query.
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