NNPC may lose power to collect royalties from oil companies

Mahmoud Yunusa, chairman of the forum of finance commissioners, said the federation's accounts committee was working to strip the Nigerian National Petroleum Corporation of its powers to collect royalties from oil companies

. it would be considered as a solution to the problem of discounts that the committee has with the NNPC

Currently, the NNPC is responsible for collecting the royalties from the oil companies and to return them to the account of the federation. Part of the process of strengthening the system will be to entrust the collection and remittance of NNPC royalties to the Petroleum Resources Department (DPR), while the collection and remittance of PPTs will also be returned to the FIRS in accordance with the law. he said

"This is part of the process we are trying to strengthen and we are trying to adopt.It is there, part of the oil and gas law, as in any other IOC, that all royalties must be collected and remitted to the federation by the DPR, which is the responsibility of the DPR.

"Before the DPR collects this royalty, it must ensure that the amount The real one that is supposed to be delivered is handed over .If it is underdelivered, the DPR will be responsible for the deficit and I know that the DPR will not want to be responsible for a shortfall of which it is not even informed. "

FAAC suspended indefinite meetings nt until the question of the alleged surrender by the NNPC was resolved.