The House of Representatives has mandated its committee on finance (when constituted) to investigate the alleged non remittance of taxes and other dues put at N2trillion to the Federal Government Account by the Nigeria National Petroleum Company Limited (NNPCL).
This followed the adoption of a motion moved by a member from Akwa Ibom state, Uduak Odudoh who said the Federation Account Allocation Committee had severally accused the NNPCL of allegedly short-changing it by refusing to pay over N2tn to the Federation Account from crude sales, royalties and taxes.
Leading the debate, Odudoh stated that the non remittance of crude sales, royalties and taxes by the NNPCL into the Federation Account has been a reoccurring decimal.
According to the lawmaker, the Federation Account Allocation Committee (FAAC) had severally accused the NNPCL of short-changing it by refusing to pay over 2 trillion naira to the Federation Account from crude sales, royalties and taxes.
“Also aware that the fate of the National Development largely depends on how transparent and accountable relevant Government agencies and corporate entities are in the collation, remittance and distribution of revenues solely acquired.
“Convinced that section 6 of the Allocation of Revenue (Federation Account, e.t.c) Act, established the “Federation Account Allocation Committee (FAAC)” to among other functions, report annually to the National Assembly in respect of the function under the Act.”
Odudoh noted that the NNPCL claimed the Federal Government owed it over N4trillion in subsidy payments, power debt and other sundry
charges and therefore would not remit until the debts are recovered.
According to him, the non-remittance accusation and counter-accusation were tantamount to a calculated attempt to disrespect and downplay the collective intelligence of Nigerians.