FAAC Awaits NNPC on $42.37bn and OAGF on N2tn Pending Payments

The Federation Accounts Allocation Committee (FAAC) is awaiting the Nigerian National Petroleum Company Limited (NNPC) on $42.37 billion and the Office of the Accountant General of the Federation (OAGF) on N2 trillion in pending payments. The FAAC raised concerns about unreconciled revenue, with the NNPC insisting deductions are legitimate under the Petroleum Industry Act.

The issue dates back to 2011-2017, with ongoing reconciliation efforts by a consultant. The FAAC expressed frustration over the delay and the lack of clarity in the process, highlighting the need for resolution.

The matter remains unresolved, impacting the distribution of funds to state governments.