The Nigerian National Petroleum Corporation has dismissed as false allegations that it tampered with the federation account to declare its first profit of N287bn in 44 years.
NNPC’s Group Executive Director, Finance and Account, Ajiya Umar, said this on Friday during a programme on Channels TV.
President Muhammadu Buhari had on August 26 announced a net profit of N287bn reported by the NNPC for the 2020 financial year from a loss position of N1.7bn in the previous year.
The corporation published its 2020 Audited Financial Statements on Wednesday, and revealed that its revenue declined by N916bn from N4.63tn in 2019 to N3.72tn in 2020.
Reacting to the allegations, Umar said, “That is a false statement. It is impossible for NNPC to dip its hands into the federation’s revenues. First of all, there are interagency reconciliations every month as to what revenue accrued to the federation from the joint venture crude sales.
“Secondly, we have a resident revenue director from the office of the Accountant General of the Federation in the NNPC Towers who monitors what accrues to the federation on behalf of the Accountant General.
“Thirdly, there is the pre-Federation Accounts Allocation Committee post mortem meeting to which reconciliations are done, and finally at FAAC meeting where the Commissioners of Finance of all the 36 states and the FCT meet to review contributions from all revenue generated.”
Umar noted that the National Assembly steps in occasionally when the accounts are sent to the Public Accounts Committee to review how much each revenue agency, including NNPC, has brought into the coffers of the government.
