{"id":89465,"date":"2023-06-08T21:59:43","date_gmt":"2023-06-08T20:59:43","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc"},"modified":"2023-06-09T00:15:55","modified_gmt":"2023-06-08T23:15:55","slug":"nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc","title":{"rendered":"NNPCL withheld N8.48trn oil subsidy since January 2022 \u2013 RMAFC"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Limited (NNPCL) of withholding N8.480trillion.<\/p>\n

The commission said the NNPCL withheld the sum meant for the Federation Account, as petrol subsidy, from January 2022 till date.<\/p>\n

A statement on Thursday by RMAFC Chairman, Mohammed Shehu suggested that the subsidy regime was shrouded in secrecy.<\/p>\n

Shehu said the scrapping of oil subsidies by President Bola Tinubu, a decision he announced during his inauguration on May 29, was a good move.<\/p>\n

\u201cSince January 1, 2022, to date, the Nigeria National Petroleum Company Limited (NNPCL) has not been contributing to the Federation Account due to the claimed subsidy payments.<\/p>\n

\u201cThe total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608,\u201d the statement reads.<\/p>\n

The figure reported by the Office of the Accountant General of the Federation (OAGF) \u201cis yet to be reconciled by the RMAFC, OAGF, and NNPCL\u201d, Shehu noted.<\/p>\n

The RMAFC chief said in a situation where subsidy transactions are not transparent, \u201cit would be unwise to sustain the phantom payments of subsidy.\u201d<\/p>\n

He expressed optimism that the subsidy removal would eliminate uncertainty surrounding the subsidy regime and avail funds for the execution of critical national projects.<\/p>\n

Shehu further charged the President to go after economic saboteurs \u201cwho have contributed to the nation\u2019s economic woes.\u201d<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Limited (NNPCL) of withholding N8.480trillion. The commission said the NNPCL withheld the sum meant for the Federation Account, as petrol subsidy, from January 2022 till date. A statement on Thursday by RMAFC Chairman, Mohammed Shehu suggested that […]<\/p>\n","protected":false},"author":84,"featured_media":89464,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,254,9636,1264],"class_list":["post-89465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria","tag-nnpcl","tag-rmafc"],"yoast_head":"\nNNPCL withheld N8.48trn oil subsidy since January 2022 \u2013 RMAFC - Nigeria<\/title>\n<meta name=\"description\" content=\"The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Lim ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NNPCL withheld N8.48trn oil subsidy since January 2022 \u2013 RMAFC\" \/>\n<meta property=\"og:description\" content=\"The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Lim ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-08T20:59:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-08T23:15:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686249779.526221.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NNPCL withheld N8.48trn oil subsidy since January 2022 \u2013 RMAFC\",\"datePublished\":\"2023-06-08T20:59:43+00:00\",\"dateModified\":\"2023-06-08T23:15:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc\"},\"wordCount\":242,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686249779.526221.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Nigeria\",\"NNPCL\",\"RMAFC\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nnpcl-withheld-n8-48trn-oil-subsidy-since-january-2022-rmafc\",\"name\":\"NNPCL withheld N8.48trn oil subsidy since January 2022 \u2013 RMAFC - 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