• Click here - to use the wp menu builder
Search
BrandPower MagazineNewsWeekPRO
BrandPower MagazineNewsWeekPRO
Menu
Search
BrandPower MagazineBrandPower MagazineIdea.Strategy.Power
My account
Get into your account.
LoginRegister
Subscribe
  • NEWS
  • BUSINESS
  • POLITICS
  • ENTERTAINMENT
  • BRAND REPORT
  • SPORTS
  • FEATURES
    • ON THIS DAY
    • EDITORIAL
    • NNANKE’s TAKE
    • ILLUMINATING RAYS
    • Testicles
    • Brandorama
    • Consumer Court
    • Buchiscope
    • YOUR OPINION
    • INTIMACY
    • MONEY MATTERS
    • BRAND SCHOOL
    • SPORTOGRAPH
    • HEALTH CARE
BrandPower MagazineBrandpower MagazineIdea.Strategy.Power
  • NEWS
  • BUSINESS
  • POLITICS
  • ENTERTAINMENT
  • BRAND REPORT
  • SPORTS
  • FEATURES
    • ON THIS DAY
    • EDITORIAL
    • NNANKE’s TAKE
    • ILLUMINATING RAYS
    • Testicles
    • Brandorama
    • Consumer Court
    • Buchiscope
    • YOUR OPINION
    • INTIMACY
    • MONEY MATTERS
    • BRAND SCHOOL
    • SPORTOGRAPH
    • HEALTH CARE
  • NEWS

NNPC Admits Owing Federation Account

13/12/2013
0
Facebook
Twitter
Pinterest
WhatsApp

    NNPC HeadquartersThe Chairman, Finance Commissioners Forum, Mr Timothy Odah, said the Nigerian National Petroleum Corporation (NNPC) accepted that it owe the Federation Account.

    Odah, the Commissioner for Finance in Ebonyi State, made the revelation in Abuja when he briefed newsmen on the outcome of Friday’s monthly Federal Account Allocation Committee (FAAC) meeting.

    He said the NNPC representative at the meeting admitted that the organisation owed the federation, and acknowledged not remitting the exact amount it generated.

    The governor of Central Bank of Nigeria (CBN) wrote a letter to the president, that NNPC failed to remit $49.8 billion to the Federation Account between 2012 to date.

    Odah, however, said the actual amount of its indebtedness would be determined at the next FAAC meeting.

    “The NNPC has admitted that truly they owe the Federation Account and by that information, we referred the deliberation on the figure of what they say they owe to the next FAAC meeting.

    “This is so that the technical committee will be able to examine NNPC accounts before we will be able to publicise or accept the figure they have quoted,’’ he said.

    Odah said the NNPC’s acknowledgment of its indebtedness to the Federation Account over revenue it had failed to remit was “important’’ and described it as a welcome development.

    Editor’s Picks  FG did not disobey Supreme Court ruling on legality of currencies

    Odah also said the FAAC technical sub-committee would begin to work on measures to further scrutinise remittances by the NNPC in order to avoid such occurrences in future.

    Facebook
    Twitter
    Pinterest
    WhatsApp
      BrandPower Magazine

      RELATED ARTICLESMORE FROM AUTHOR

      China’s Xi arrives Russia to meet Putin over Ukraine war

      There is no such thing as Palestinians, says Israeli Finance Minister

      78m children at risk of water-borne diseases in Nigeria – UNICEF

      Improving Nigerians’ health, IGR through sugar tax

      How FG is tackling healthcare, brain-drain, medical tourism – Health Minister

      Ex-JAMB boss sues ICPC for breach of rights, as trial is stalled

      Putin says Russia has written off African countries’ $20bn debt

      JAMB sets new guidelines as it resumes DE registration

      How Soldiers beat bartender to death on orders of club owner

      No plans to quit fighting says “Nigerian Nightmare” Usman

      Elections: NUJ condemns attack on Journalists in Lagos

      Allowances: SSANU urges FG to pay N50b outstanding to varsities

      Sign in
      Welcome! Log into your account
      Forgot your password? Get help
      Password recovery
      Recover your password
      A password will be e-mailed to you.

      LEAVE A REPLY Cancel reply

      Log in to leave a comment

      Renowned oil trader, Jean-Marc Cordier, joins NNPCL

      20/03/2023 0
      Mr Jean-Marc Cordier, a former Vice President of the Abu Dhabi National Oil Company (ADNOC), has joined the services of the Nigerian National Petroleum...

      NEPC trains 100 beekeepers on quality honey for export

      20/03/2023

      New oil, gas discoveries indicate Nigeria’s huge reserves – Expert

      19/03/2023

      OPPO unveils Reno8 T Series in Nigeria

      17/03/2023

      Shell resumes oil export from Bonny Oil Export Terminal

      16/03/2023

      Get Instant Notifications

      Subscribe to notifications

      Polls: Systematic weakness can affect democratic process-EU chief

      20/03/2023

      APC wins 25 of 27 house of assembly seats in Imo, PDP kicks

      20/03/2023

      INEC suspends collation of gov’ship election results in Abia, Enugu

      20/03/2023

      Election: Lagos has chosen competence, experience – Sanwo-Olu

      20/03/2023

      Arrest, prosecute electoral  law violators , NHRC tells police

      20/03/2023

      Recent Comments

        Tweets by @brandpowerng
        BrandPower MagazineBrandpower MagazineIdea.Strategy.Power
        • NEWS
        • BUSINESS
        • POLITICS
        • ENTERTAINMENT
        • BRAND REPORT
        • SPORTS
        • FEATURES
          • ON THIS DAY
          • EDITORIAL
          • NNANKE’s TAKE
          • ILLUMINATING RAYS
          • Testicles
          • Brandorama
          • Consumer Court
          • Buchiscope
          • YOUR OPINION
          • INTIMACY
          • MONEY MATTERS
          • BRAND SCHOOL
          • SPORTOGRAPH
          • HEALTH CARE

        About us

        Each template in our ever growing studio library can be added and moved around within any page effortlessly with one click.

        Facebook
        Instagram
        Twitter
        Youtube

        Company

        • NEWS
        • BRAND REPORT
        • POLITICS
        • BUSINESS
        • ENTERTAINMENT
        • SPORTS
        • FEATURES

        The latest

        Polls: Systematic weakness can affect democratic process-EU chief

        POLITICS 20/03/2023 0
        Mr Barry Andrew, European Union (EU) Chief Election Observation...

        Renowned oil trader, Jean-Marc Cordier, joins NNPCL

        BUSINESS 20/03/2023 0
        Mr Jean-Marc Cordier, a former Vice President of the...

        China’s Xi arrives Russia to meet Putin over Ukraine war

        NEWS 20/03/2023 0
        Chinese President Xi Jinping flew into Moscow on Monday...

        Subscribe

        © 2022 Brandpower Magazine. All Rights Reserved.

        MORE STORIES

        Polls: Systematic weakness can affect democratic process-EU chief

        20/03/2023 0

        Renowned oil trader, Jean-Marc Cordier, joins NNPCL

        20/03/2023 0

        China’s Xi arrives Russia to meet Putin over Ukraine war

        20/03/2023 0
        Go to mobile version