The Nigerian National Petroleum Company Limited (NNPCL) has committed to repaying the N13.27 trillion it withheld from the federation account, according to the Federation Account Allocation Committee (FAAC).
The FAAC has sought the commitment from NNPCL representatives in several meetings, with the expectation that the funds will be repaid. Discussions are ongoing, and higher-level negotiations involving the Minister of Finance and the Executive Chairman of the Federal Inland Revenue Service (FIRS) are expected.
The withholding of these funds has deprived the country of much-needed revenue. The next FAAC meeting is scheduled for later this month in Asaba, Delta State capital.
