FG to abandon NNPC oil revenue reporting, remittance template – Minister

The Presidential Committee on Revenue Mobilisation may have jettisoned the revenue reporting and remittances template of the Nigerian National Petroleum Corporation, NNPC, with a new template now underway.

A hint on this was given by the Finance Minister, Hajiya Zainab Ahmed, while addressing the media at the concluding sessions of the Annual Meetings of the International Monetary Fund and the World Bank in Bali, Indonesia, yesterday.

President Muhammadu Buhari had set up the committee in the wake of a long-drawn battle between the NNPC and the Federation Accounts Allocation Committee (FAAC) over shortfalls in remittances of oil revenue into the Federation Account.

The controversy had led to a stalemate in FAAC disbursements three months ago. According to the minister, a draft template is currently a subject of negotiation between the parties involved in the controversy. The new NNPC reporting template, she said, would be more transparent, in terms of income and expenditure.

Source: Vanguard

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