Buhari unveils NNPC Limited, agency halts FAAC remittances.

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The Nigerian National Petroleum Company Limited on Tuesday made it clear that it would no longer remit any money; to the Federation Accounts Allocation Committee for sharing to the three tiers of government monthly.

It said this was based on its latest transition from a public corporation to a limited liability company and that it currently owed no money to FAAC. As all monetary arrears to the committee were owed by the old corporation and not the new oil company.

This came as the President, Major General Muhammadu Buhari (retd.), officially unveiled the NNPC Limited.

Buhari, who made this public at the Presidential Villa, Abuja, stated that the oil firm would from now on conduct itself under best international business practice. It had consistently deducted the amount it spends on fuel subsidy monthly. A development that had eroded the funds which it would have remitted to the committee.

Findings showed that between January and May this year, the oil company had spent N1.274tn on petrol subsidy; being the sole importer of the commodity into Nigeria. However, described its subsidy spending as under-recovery of a Premium Motor Spirit/value shortfall.

Speaking to journalists on the sidelines of the unveiling of the new oil company, the Chief Executive Officer, NNPC Limited, Mele Kyari, stated that the firm was now a private outfit and had nothing to do with FAAC anymore.



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