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NNPCL says subsidy debt won’t affect dividend  

Written by on July 25, 2023

The Nigerian National Petroleum Company Limited, NNPCL has clarified that the Federal Government’s N1.3tn debt to them is unrelated to dividend payments.

In June, the company had announced it’s anticipation for a refund of approximately N1.3tn from the Federation Account as part of the debt owed by the government.

This disclosure coincides with the initiation of the inter-agency committee, led by President Bola Tinubu which aims at resolving the long-standing debt dispute.

The Federal Government had accused the NNPCL of owing about N2.8tn, but the oil company claims that the Federal Government should first pay back almost N4.1tn, which is outstanding for subsidy payments on petroleum products imports, supplies and distribution on behalf of the government.

Relatedly, Oluwatoyin Mandein says the balance in the Excess Crude Account has remained stagnant at about $474m in the last two years despite remittance of N907bn to the Federal Account Allocation Committee, FAAC by the Nigerian National Petroleum Company Limited.

This was made known in a meeting chaired by the Accountant General of the Federation, Oluwatoyin Madein.

According to a communiqué issued at the end of the FAAC meeting for July 2023, NNPCL says the balance in the excess crude account amounts to about $473 thousand as of June 2023, the same amount in the purse as of December 15, 2022, while it paid N907.054bn into the FAAC purse.

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