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Non-Remittance Of N6 Trillion: NNPC GMD Shuns Reps

The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Andrew Yakubu has shunned the invitation of the House of Representatives. The house committee … Continue reading Non-Remittance Of N6 Trillion: NNPC GMD Shuns Reps


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File Photo: Andrew Yakubu

The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Andrew Yakubu has shunned the invitation of the House of Representatives.

The house committee on finance had invited the NNPC GMD and the Nigerian Liquefied Natural Gas (NLNG) to appear before the committee unfailingly on Tuesday 19 March to come and explain why the NNPC did not remit N6 trillion it generated between 2009 and 2012 into the consolidated revenue fund.

The house committee on finance led by Abdulmumin Jibril said the actions of the NNPC boss is a gross violation of the fiscal responsibility act of 2007.

It would be recalled that Mr Yakubu was summoned by the House for not remitting the revenue generated by the NNPC into the Consolidated Revenue Fund of the federation.

Mr Jibrin vowed that this would be the last time the committee will invite the NNPC boss over the issue of non-remittance of fund, as the House will be compelled to issue arrest warrant against the NNPC boss if he fails to honour the invitation.

According to report, the NNPC since 2009 has not remitted any amount under her Internally Generated Revenue (IGR) into the consolidated revenue fund till last year 2012.

“We have said it before that NNPC has never remitted anything under her IGR to the CRF in 2009 and the corporation generated N2.048 trillion as its internally generated revenue. It made N2.155 trillion in 2010. While N1.9 trillion was realised in 2011, by July of 2012, the corporation made N259b as its IGR.  Between 2009 and 2012, the corporation remitted nothing out of the N6 trillion they generated to the CRF as demanded by law,” Mr Jibrin said.

At the resumed investigative hearing on Tuesday, the committee however commended the Central Bank of Nigeria (CBN), the Federal Road Safety Corps (FRSC) and the NTA for exemplary commitment to its statutory remittance.

The governor of the CBN, Sanusi Lamido said the bank has remitted N217 billion in the last four years.