HeadlinesOil & Gas Senate summons NNPC over non-remittance of N4.07trn By maritimemag March 29, 2021 ShareTweet 0 Chinazor Megbolu The Senate Committee on Public Account of the National Assembly has summoned the Nigerian National Petroleum Corporation (NNPC) over non-remmittance of N4.07 trillion. The Committee also chided the Department of Petroleum Resources (DPR) and the Federal Inland Revenue Services (FIRS) over illegal deduction of N1.5 trillion from the federation account. They further noted that the NNPC didn’t remit the N4.07 trillion to the federation account between 2010 till 2016. These discoveries were made from the query, which emanated from the Office of Auditor General (OAGF) of the Federation against the three agencies. As a result of the query, the Committee also summoned Petroleum Products Pricing Regulatory (PPPRA) as well. The committee buttressed that the query showed that only the Nigeria Custom Service (NCS) remitted the fund generated to the Federation Account before deduction. The lawmakers, however, demanded that NNPC should provide the committee with the required details within a week, upon which the query will be vacated or sustained. Meanwhile, the NNPC in a written response to the committee, said the unremitted N4 trillion was arrived at without taking cognisance of the subsidy and pipeline repairs and management associated with domestic crude oil transaction. “Subsidy approved and certified by PPRA from 2010-2015 stood at N4 trillion. Also in 2016 OMS under recovery stood at the N28.6 billion, which brings the total unrecognised subsidy/PMS under recovery to N4 trillion. “Aside the above, pipeline repairs and products losses so incurred stood at N966 billion for the same period,” NNPC said. © 2021, maritimemag. All rights reserved.