President Jonathan Orders NNPC to pay $ 1. 485 Billion to FAAC

President Goodluck Jonathan has ordered the Nigerian National Petroleum Corporation, NNPC to pay the controversial $1.485 into the account of Federation Account Allocation Committee, FAAC for disbursement.

This was disclosed at the monthly FAAC meeting held yesterday in Abuja.

Earlier, Nigeria's Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has directed the Nigerian National Petroleum Corporation (NNPC) to repay the outstanding $1.48billion in the Nigerian Petroleum Development Company (NPDC) signature bonus, taxes and royalties in line with the recommendation of the forensic audit report handed to President Jonathan early February.

In a statement made available to journalists, the corporation noted that the release of the forensic audit report has finally laid to rest the controversy surrounding allegations of “missing oil revenue” or non-remittance to the Federation Account.

It further explained that the forensic audit acknowledged that the total cash remitted into the Federation Accounts in relation to the crude lifting in the period under review was $50.81bn and not $47bn and that subsidy on premium motor spirit and dual purpose kerosene stood at $8.7bn.

It would be recalled that the Federal Ministry of Finance last year hired the PriceWaterHouseCoopers, to investigate the veracity of the allegation by the former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi and now Emir of Kano, that $48.9bn and later $20bn was not remitted to the Federation Account by the NNPC.

Meanwhile, the sum of N500.130 billion was shared among the three tiers of government for the month of January.

In a statement issued by the technical sub-Committee of the Federation Account Allocation Committee, FAAC, at the meeting, the amount shared represents a short fall of N80.248 billion from N580.378 billion shared in the previous month.