Nigeria: NNPC Records 63% FAAC Remittance Shortfall in Five Months

22 July 2021

The statutory payments made by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account, a joint pool operated by the local, state and federal governments, declined by over 63 per cent in the first five months of 2021, documents obtained by THISDAY have indicated.

An analysis of the data presented by the national oil company to the Federation Account Allocation Committee (FAAC), in the first five months of this year showed that of the calendarised total sum of N613.834 billion, the corporation was only able to remit N225.852 billion.

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