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FAAC Deadlock: Finance Commissioners Insist on Due Process from NNPC


By Tony Obiechina & John Peter Odimmegwa
The Forum of Finance Commisioners from the 36 states of the Federation has insisted that the Nigerian National Petroleum Corporation (NNPC), must show financial prudence and accountability in its dealings and remittances to the Federation Accounts Allocation Committee (FAAC).

The Finance Commissioners who spoke through their Chairman, Alhaji Mahmoud Yunusa, restated their resolve that the NNPC must justify the N3. 45 billion it claimed as losses due to pipeline vandalization and oil spillages.
Yunusa who is the Adamawa State Finance Commissioner stated this while addressing Financial Correspondents in Abuja on Saturday concerning the FAAC deadlock. He noted that the Forum has decided to finally confront the issue of under remittances by the NNPC which has been recurring for months.
According to the Commissioner, the NNPC has to demonstrate more transparency especially on the issue of Royalty and PPT.
His words, “our insistence on this is in the interest of Nigerians; it is in the interest of transparency and accountability. We want more explanation from the NNPC and DPR. They should justify this N3. 45 billion they claimed as losses  and they have to follow due process “.
Alhaji Yunusa further noted that even when crude oil was was selling at fifty dollars per barrel, the NNPC remittances to FAAC were far better than now that it is selling at almost 80 dollars per barrel.
The Forum demanded that these anomalies in remittances should be resolved once and for all. He said that the Forum has taken the matter to the highest authorities by involving the National Economic Council (NEC) and their various state governors.
He further stated, “we have decided to step down this FAAC; yes, it has been of pain and some states cannot pay salaries, but we have decided to get to the bottom of this.”

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