Is the Nigerian National Petroleum Corporation (NNPC) hoarding Nigeria’s money from the government?

For two months now the corporation has delayed payment into the Federal Account for onward allocation to Federal and State governments.

The delay by the NNPC has forced the Federation Account Allocation Committee (FAAC) to put off its meeting scheduled for Friday till Saturday.

They are not even sure that the NNPC will fulfil its obligation by Saturday.

It has not submitted the component statement to the Central Bank of Nigeria and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).

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The development has become a source of worry for FAAC, which is witnessing the delay a second time in a roll. 

One of the state Commissioners for Finance, who pleaded anonymity, said the situation is quite sad.

"NNPC is the major cause of all these things. It has not brought in money just like last month.

"Last month, the state governors insisted that the NNPC must bring in money before it later brought out 30 billion Naira from Excess Crude Account (ECA) before the last FAAC could hold.

"Again, this month, the CBN and Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said they have not received component statement from NNPC.

"This indicates that the NNPC had not paid money into the Federation Account. Without that money we have to wait till tomorrow for FAAC meeting to hold.

"If the component statement is sent from NNPC, it will take about six hours before the stakeholders can go through it," the commissioner said.

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This delay in remittance will slow the sharing of funds to enable the states get cash to pay salaries and meet other obligations.

The source did not say what could have caused the delay on NNPC’s part.

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