Browsing: Joint Venture Cash Call

The report further showed that from January to December, 2017, NNPC remitted a total of N857.36bn into the Federation Account, N644.05bn for Joint Venture financing, and N19 billion to the Federal Government for debt repayment.

He lamented that with the current unprecedented average daily fuel evacuation of 55 million litres since 1st December 2017 to date, it was imperative for the security agencies to close-in on the smuggling syndicates who were cashing in on the obvious petrol price differentials between Nigeria and neighboring countries to make illicit profit.

The Federation Accounts Allocation Committee (FAAC) had in September 2011, resolved that the NNPC should refund over N450 billion in 32 installments after the NNPC said it withheld the money that should have been paid into the Federation Account as stipulated by law.