The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Limited (NNPCL) of withholding N8.480trillion.
The fee mentioned the NNPCL withheld the sum meant for the Federation Account, as petrol subsidy, from January 2022 until date.
An announcement on Thursday by RMAFC Chairman, Mohammed Shehu advised that the subsidy regime was shrouded in secrecy.
Shehu mentioned the scrapping of oil subsidies by President Bola Tinubu, a choice he introduced throughout his inauguration on May 29, was a superb transfer.
“Since 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.
“The total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608,” the assertion reads.
The determine reported by the Office of the Accountant General of the Federation (OAGF) “is yet to be reconciled by the RMAFC, OAGF, and NNPCL”, Shehu famous.
The RMAFC chief mentioned in a state of affairs the place subsidy transactions aren’t clear, “it would be unwise to sustain the phantom payments of subsidy.”
He expressed optimism that the subsidy elimination would remove uncertainty surrounding the subsidy regime and avail funds for the execution of vital nationwide tasks.
Shehu additional charged the President to go after financial saboteurs “who have contributed to the nation’s economic woes.”
