Kyari claims NNPC has remitted N4.5tr, quashes reports of non-remittance
By Jeph Ajobaju, Chief Copy Editor
Up to N4.5 trillion has been delivered to the treasury by the Nigerian National Petroleum Company Limited (NNPC) in the past 10 months, its Group Managing Director Mele Kyari has disclosed, quashing allegations of law breaking and non-remittance by the state oil giant.
Kyari insisted during his 2024 budget defence before the Senate Finance Committee that the NNPC has never had a better situation than it does today, as its transition into a company has boosted its image to elicit the trust of everyone, including global financial institutions which now lend to it to do business.
He also cited the “bold steps” taken by President Bola Tinubu that have saved the NNPC from liquidating, according to The Guardian.
His words: “The company is a creation of the National Assembly. We are paying our taxes, royalties and delivering dividends to Nigerians. In this year alone up to October, we were able to deliver N4.5 trillion of revenue to the Federation Account.
“This company is changing. Perhaps, this is the most transparent national oil company in Africa.
“The reason is very simple; because this is the requirement of the law. So the conviction of the company to become transparent to the shareholders is the right thing to do.
“The end effect is that we are delivering value, as well as working and getting the support of all stakeholders, particularly the National Assembly, to support all our processes around crude oil theft and other associated infractions, and we are seeing results.”
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Reps investigate failure by NNPC to remit N2tr to treasury
Despite Kyari’s claim of remittance since January, federal lawmakers in July initiated investigation of the NNPC for intentionally whithholding N2 trillion of public funds generated as oil revenue in the Muhammadu Buhari years.
Under Buhari – who weakened all governance structures through laziness and dereliction of duty – nearly all ministries, departments, and agencies (MDAs), like the NNPC – behaved as though they were quasi-governments operating on their own, with each head acting like a president who was not accountable to anyone.
For instance, Kyari refused to answer several audit queries issued by the federal Auditor General, as documented in his reports to the National Assembly (NASS).
Buhari, who also took on the portfolio of Petroleum Minister, failed to supervise the ministry and failed to query or call Kyari to order.
The House of Representatives directed its Committee on Finance to investigate the alleged non-remittance of the $2 trillion and other alleged scams in the NNPC.
Uduak Odudoh, who raised the allegation in a motion, accused the NNPC of disrespecting and downplaying the collective intelligence of Nigerians.
He noted that Section 162(1) of the Constitution 1999 (as amended) provides for “the Federation Account” in which all revenues collected by federal agencies are paid, except such exempted therein.
‘Federation Account’ belongs to entire federation
Odudoh reiterated “the Federation Account” belongs to the entire federation while the federal government keeps the account in trust on behalf of the three tiers of government and citizens.
He reiterated the Revenue Allocation Act prescribes basis for disbursement of revenue accruing to the Federation Account between federal, state, and local governments
He argued national development largely depends on how transparent and accountable government agencies and corporate entities are in the collection, remittance, and disbursement of revenue collected.
Odudoh recounted how the Federation Account Allocation Committee (FAAC) had accused NNPC of shortchanging it by refusing to pay over N2 trillion to the Federation Account from crude oil sales, royalties, and taxes.
He said Nigerians are aware the NNPC has repeatedly averred the federal government owes it more than N4 trillion in subsidy payments, power debts, and other sundry charges and, therefore, would not remit revenue until the debts are recovered.
After debating the motion, the House directed its Finance Committee to investigate the allegation.
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