The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has accused the Nigeria National Petroleum Company Limited (NNPCL) of withholding N8.4 trillion meant for the Federation Account.

Chairman of the RMAFC Mohammed Bello Shehu leveled the accusation against the NNPCL in a statement by the commission in support of the recent removal of fuel subsidy by President Bola Ahmed Tinubu. Shehu said the NNPCL withheld the money in the name of paying for subsidy.

According to him: “Since 1st January, 2022 to date, the Nigeria National Petroleum Company Limited (NNPCL) has not been contributing to the Federation Account due to the claimed subsidy payments.  “The total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608.13 as reported by the Office of the Accountant General of the Federation (OAGF)”.

Shehu added the N8.4 trillion being withheld by the NNPCL “is yet to be reconciled by the RMAFC, OAGF, and NNPCL”.

Shehu urged the Tinubu administration “to work out strategies that would cushion the attendant effect of the new policy and deterrent measures should be earnestly taken to bring to book all the economic saboteurs who have contributed to our national adversity in accordance with the extant laws of the Federation.

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