The National Economic Council (NEC) has demanded the refund of N526billion and $21b unpaid by the Nigerian National Petroleum Corporation, (NNPC) and 16 other revenue generating Agencies including the Nigeria Customs Service and NIMASA.
The total sum remitted to the Federation Account amounts to about 8.1 trillion Naira.
The meeting which was held on Thursday and headed by the Vice President, Yemi Osinbajo, noted that the adopted the reports of the technical audit by KPMG between 2010 and 2015 and resolves to identify instances of criminal infringements and forward to the Attorney General of the Federation as well as the Legal Committee of the National Economic Council for further actions.
NEC resolved to pursue strengthening of the NNPC Governance structure to stop further shortchanging of the Federal Government.
This comes after the Nigerian Governors’ Forum (NGF) queried the spending of the Nigerian National Petroleum Corporation (NNPC) and asked it to clarify its expenses.
Chairman of the Forum and Zamfara State Governor, Abdul’Aziz Yari, stated this on behalf of his colleagues after they met in Abuja, the nation’s capital.
Addressing reporters on Wednesday night, Governor Yari said the forum was concerned about the implementation of the ‘cash-call agreement’ of the corporation.
The term describes a counterpart funding contract between the Federal Government and the multi-national oil companies, allowing the NNPC to invest about 60 percent of its equity.
The NGF Chairman, however, disclosed that the governors resolved to suspend the payment of cash-call, and payment of all arrears until the NNPC clarifies its spending.
According to him, the decision was taken because the corporation could not ascertain the actual figure of debt paid so far.