The Federation Account Allocation Committee on Monday night constituted a committee to find out the reasons for the delay in the Nigerian National Petroleum Corporation to make $1.48bn available to the three tiers of government.
PriceWaterHouse Coopers had in the report of its forensic audit report of the corporation recommended that the NNPC should refund the amount to the Federation Account.
The firm was last year hired to carry out the audit following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $20bn was not remitted to the Federation Account by the NNPC.
The communique read in part, “The gross revenue of N315.04bn received for the month was lower than the N401.46bn received in the previous month by N86.42bn.42bn. The continued shutdown and shut-in of trunks and pipelines at various terminals continued to impact negatively on crude oil revenue.
The communique added that the drop in gross revenue also affected the statutory allocation for the month as distributable revenue to the three tiers of government dropped by N86.99bn to N435.06bn from the From the amount distributed under statutory allocation, the Federal Government received N146.48bn, representing 52.68 per cent; while the states and local governments received N74.29bn and N57.28bn, respectively. shared in February.
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