FAAC Meeting Postponed As States, NNPC Dispute Over N1.7 Trillion Remittances

FAAC Meeting Postponed As States, NNPC Dispute Over N1.7 Trillion Remittances

The Federation Accounts Allocation Committee (FAAC) meeting scheduled for Wednesday was postponed due to a dispute between states and the Nigerian National Petroleum Company (NNPC) Ltd. over unpaid remittances.

States boycotted the meeting until NNPC settles an estimated N1.7 trillion in revenues, which have been pending since the full removal of the petrol subsidy in November 2024. It remains uncertain whether the meeting will take place later this week.

This comes a few months after President Bola Tinubu said in a presidential TV chat that the federal government has not been depending on the NNPC to meet its financial obligations.

According to TheCable a senior official of The NNPC said the company is tied down to a number of obligations, such as crude swaps and forwards which it has been using to finance operations. And according to the official, it is affecting its cash flow.