BREAKING: Shocking revelations as Mele Kyari-led NNPCL management spent N627.3 billion in 6 months on running cost, remits nothing into Federation Account

Serious concerns mount over the startling revelation by the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, that the management of the Nigerian National Petroleum Limited, led by Engr. Mele Abba Kyari generated the sum of N N627,301,922,426.35 (Six hundred and twenty seven billion, three hundred and one million, nine hundred and twenty two thousand, four hundred and twenty six Naira, thirty five Kobo) from January to June, 2023.

The amount was spent on running cost of the office without remitting a dime into the Federation Account as was prescribed by the Petroleum Industry Act, 2021.

In a statement which the Chairman of RMAFC, Mohammed Bello Shehu personally signed and made available to CAPITAL POST in Abuja on Tuesday, expressed concern over the breach of the PIA and lamented that pragmatism has been lost at a time Nigeria needed it to shore up accruals into the account of the Federation.

According to Shehu, out of over N5 trillion remitted into the Federal Account by the various revenue generating agencies, NNPCL remitted nothing, decrying that their revenue were deliberately undisclosed, thereby making it difficult for assessment.

He said, it was the Federal Inland Revenue Service, FIRS that has record of transactions as the NNPCL has hidden its own books from scrutiny.

“Out of the total gross revenue inflows into the Federation Account, the sum of N627,301,922,426.35 (Six hundred and twenty seven billion, three hundred and one million, nine hundred and twenty two thousand, four hundred and twenty six Naira, thirty five Kobo) was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilized by the NNPCL for other FGN obligations.”

“The Nigerian National Petroleum Company Limited (NNPCL) did not remit any amount into the Federation Account during the period either as profit revenue or other revenues as contained in the Petroleum Industry Act (PIA), 2021.

“NNPCL’s revenue performance could not be assessed because neither its revenue target was disclosed nor its revenue remittance to the Federation Account was provided.”

From the reports according to the Statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823,512,065,893.15 (Eight hundred and twenty three billion, five hundred and twelve million, sixty five thousand, eight hundred and ninety three Naira, fifteen Kobo)