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NNPC completes refund of N450 billion to FG, States, LGs
  • Post by Admin on sunday, March 05, 2015






The Nigeria National Petroleum Corporation has completed the refund of N450 billion to the federation account, to be shared among the federal, states and local governments. The Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, made the statement on Thursday in Abuja at the monthly meeting of Federal Accounts Allocation Committee.

Isa-Dutse, who represented the Minister of Finance, Mrs Kemi Adeosun at the meeting, said that NNPC completed the payment in April this year. Apart from oil revenue, NNPC had for 67 consecutive months, paid additional N6.33 billion into the federation account to be shared among the three tiers of government.

The payment commenced in September 2011 after auditing of the accounts of the oil firm showed that it had been under remitting to the federal government. During the FAAC meeting, a total of N462.4 billion was shared as revenue among the three tiers of government.


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