The Nigerian National Petroleum Corporation (NNPC), said it has repaid its N450 billion indebtedness to the Federal Government, Vanguard reports.

The NNPC in its April 2017 Monthly Financial and Operations Report, released on Wednesday, said the last tranche of the sum was paid in March 2017, after paying N6.33 billion on a monthly basis over several months.

To this end, the NNPC said it transferred N95.56 billion into the Federation Account during the month under review from the net domestic crude oil and gas receipt, including gas receipts of N2.23 billion.

The Federation Accounts Allocation Committee, FAAC, had in September 2011, resolved that the NNPC should refund over N450 billion in 32 installments after the NNPC said it withheld the money that should have been paid into the Federation Account as stipulated by law.

 

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