A member of the Nigerian Economic Summit Group, Dr Ikenna Nwaosu, says the recent commercialisation of the Nigerian National Petroleum Corporation by the Federal Government may affect government finances.
Nwaosu explained that if the NNPC would not contribute to the federation account again; there would be enough money to share to the three tiers of government. There might be a major economic collapse in the coming quarter of the year.
The company 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.