{"id":99109,"date":"2023-10-30T10:27:47","date_gmt":"2023-10-30T09:27:47","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn"},"modified":"2023-10-30T12:51:34","modified_gmt":"2023-10-30T11:51:34","slug":"fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn","title":{"rendered":"Fresh FAAC report reveals NNPCL sold crude valued for N26.496trn, remitted only N13.226trn"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Federation Account Allocation Committee (FAAC) has revealed, in a fresh report, that Nigerian National Petroleum Corporation Limited, NNPCL, sold crude oil for about N26.496 trillion but only remitted N13.226 trillion into the federation\u2019s account.<\/p>\n

FAAC report covered from January 2012 to May 2023, revealing that the company withheld N13.270 trillion.<\/p>\n

According to the report, a total of N4.026 trillion in subsidy claims was certified.<\/p>\n

The Petroleum Products Pricing Regulatory Agency, PPPRA, is said to have done the certification from January 2010 to December 2015.<\/p>\n

The FAAC has since not certified any subsidy claims.<\/p>\n

The report indicated that NNPCL paid a dividend of N81.166 billion \u201cas September 2023 calendarised interim dividend into the Federation Account with the CBN\u201d.<\/p>\n

The dividend payment was made on September 18. The same day, NNPCL transferred N2.960 billion as June 2023 crude oil revenue into the federation account with the Central Bank of Nigeria (CBN), and on September 21, the company transferred another N28.489 billion as June 2023 crude oil revenue \u201cinto the federation account with the CBN\u201d.<\/p>\n

On September 25, the NNPCL made another transfer of N25.407 billon \u201cas September crude oil revenue into the federation account with CBN\u201d.<\/p>\n

This transfer nullified an earlier transfer of N58.036 billion, which the apex bank was earlier mandated to transfer into the federation account.<\/p>\n

In August, the NNPCL made a \u201cfunds transfer\u201d of $158.17 million to the federation account with CBN. The nature of the fund or what it was meant for was not disclosed by the NNPCL in its letter to the CBN.<\/p>\n

The report also detailed the balances in the federation revenue account domiciled with the CBN.<\/p>\n

The FAAC has been saving into the account shortly after President Bola Tinubu announced the stoppage of petroleum subsidy payments on May 29.<\/p>\n

As of the weekend, the balances for both the domestic oil and non-oil sectors stood at N1.56 trillion.<\/p>\n

A breakdown showed that in August, the revenue accounts had balance of N830.73 billion and in September, the balance was N725.49 billion.<\/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 Federation Account Allocation Committee (FAAC) has revealed, in a fresh report, that Nigerian National Petroleum Corporation Limited, NNPCL, sold crude oil for about N26.496 trillion but only remitted N13.226 trillion into the federation\u2019s account. FAAC report covered from January 2012 to May 2023, revealing that the company withheld N13.270 trillion. According […]<\/p>\n","protected":false},"author":84,"featured_media":99108,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,1006,254,9636],"class_list":["post-99109","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-faac","tag-nigeria","tag-nnpcl"],"yoast_head":"\nFresh FAAC report reveals NNPCL sold crude valued for N26.496trn, remitted only N13.226trn - Nigeria<\/title>\n<meta name=\"description\" content=\"The Federation Account Allocation Committee (FAAC) has revealed, in a fresh report, that Nigerian National Petroleum Cor ...\" \/>\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\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fresh FAAC report reveals NNPCL sold crude valued for N26.496trn, remitted only N13.226trn\" \/>\n<meta property=\"og:description\" content=\"The Federation Account Allocation Committee (FAAC) has revealed, in a fresh report, that Nigerian National Petroleum Cor ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-30T09:27:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-30T11:51:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/10\/sm_1698650316.621299.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\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=\"2 minutes\" \/>\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\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fresh FAAC report reveals NNPCL sold crude valued for N26.496trn, remitted only N13.226trn\",\"datePublished\":\"2023-10-30T09:27:47+00:00\",\"dateModified\":\"2023-10-30T11:51:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn\"},\"wordCount\":351,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/10\/sm_1698650316.621299.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"FAAC\",\"Nigeria\",\"NNPCL\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fresh-faac-report-reveals-nnpcl-sold-crude-valued-for-n26-496trn-remitted-only-n13-226trn\",\"name\":\"Fresh FAAC report reveals NNPCL sold crude valued for N26.496trn, remitted only N13.226trn - 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