NNPC denies owing government N2.3trn

The Nigerian National Petroleum Corporation (NNPC) has dismissed claims credited to Adams Oshiomhole, the Edo State governor, that the corporation owed the federation account unpaid oil revenues of N2.3 trillion, saying large-scale theft of crude and oil products was responsible for lower-than-expected revenue payments into the government’s purse.

‘’We wish to state without any equivocation that we don’t owe the Federation Accounts any money as at today, taking into account outstanding subsidies and other associated costs of operations and loses. We have consistently paid all monies due to the FA into its Central Bank of Nigeria account as we receive them,” said Tumini Green, acting group general manager, group public affairs division of the Corporation in a statement.

She noted that not all revenues collected by NNPC are paid directly into the accounts of FA with the Central Bank of Nigeria. Some are paid into the accounts of the relevant government agencies, like the Federal Inland Revenue Service and the Department of Petroleum Resources, with the CBN. But eventually all these payments are credited to the accounts of the FAAC.

Green stated that another important issue which is not taken into account by critics, who reel out figures without cross-checking, is the outstanding debts owed NNPC by the Federal Government, especially from subsidy.