Many workers are said to have resorted to borrowing from relatives to cater for their daily needs due to the delay in salary payments by their employers in many states as a result of the deadlock in sharing of the monthly federation revenue for the month of June.
The deadlock may drag for long over the attitude of the NNPC management. A source who craved anonymity, said the NNPC recorded revenue of over N400 billion but presented N120bn to FAAC.
“They claimed to have spent N80bn on under recovery for the importation of refined product, N15bn on miscellaneous, N3bn on pipelines vandalization and N2bn on crude theft.
“The argument is that revenue accruing to the federation account from the NNPC should not be brought to FAAC by the corporation. The DPR should do it,” the source said.
The source said the key issue of contention was the claim that the country consumes 60 million litres per day, saying “It is impossible for us to consume that quantity daily. Even the World Bank had told us that it is not possible for the country to be consuming 60m litres daily. If we continue to allow that to happen, they will continue to take large chunk of the money through that,” the source said.
Deputy governor of Oyo State, Moses Alake Adeyemo said the minister for finance, Kemi Adeosun told the Council that the balances in the federation accounts were; Excess Crude Account $1,918,509,918.86, Stabilization Fund Account N18,882,864,216.56 and Natural Resources Development Fund N133,715,427,387.37.