The Nigerian National Petroleum Company (NNPC) Limited has withdrawn over N80 billion from the Federation Account Allocation Committee (FAAC) to fund “government priority projects”.
The money was withdrawn in several tranches between January and May.
Members of the Federation Account Allocation Committee (FAAC) are concerned about the deductions.
The FAAC Post-Mortem Sub-Committee report submitted on July 26 stated: “Members expressed concerns about the execution of the priority projects and whether there will be continued deductions from the Federation Account.”
The fears expressed by FAAC members is not unconnected with the new status of NNPC as a limited liability company.
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