Success Nwogu 
President Bola Tinubu has set up an inter- agency committee to resolve the lingering row between the Nigeria National Petroleum Company Limited (NNPCL) and the Federation Account Allocation Committee (FAAC) in the last couple of years.
“I can comfortably tell you that Mr President has approved the memo from NNPC Limited to set up a committee to reconcile the crisis between NNPC Limited and FAAC over the failure to remit money into the federation account,” a top industry source said.
The Presidency source that spoke to our correof anonymity, said that vested interests had told the new president things that were not entirely factual, prompting the national oil company to write that the matter should be resolved once and for all.
“So many things have been told to Mr President since assuming office by some vested interests that NNPC Limited has refused to pay into the federation accounts.
“And because we want the general public to know the truth, NNPC Limited management wrote the President to investigate the matter and Mr President has graciously approved that an inter-agency committee be set up to investigate and reconcile the matter,” the source stated.
FAAC had severally accused the NNPC Limited of short-changing it by refusing to pay over N2 trillion to the Federation Account from crude sales, royalties and taxes while the NNPC Limited on the other hand had said that the Federal Government was owing it over N4 trillion in subsidy payment, power debt and other sundry charges.
The committee, which is expected to begin sitting today, at the Ministry of Finance, is mandated to reconcile the controversies surrounding the N4.2 trillion debt the Federal Government is owing NNPC Limited and the N2.1 trillion that the NNPC Limited is said to have failed to remit to the Federation Account.
