The FAAC, comprising representatives of the federal and state governments had over the years accused NNPC of lacking transparency in its revenue presentations, necessitating the new mechanism. A breakdown reveals that oil and gas export fetched N105.779 billion while N175.966 billion was gotten from sales of domestic oil and gas. According to the document, the corporation paid N110.087 billion to its joint venture (JV) partners as recovery cost another N50.831 billion as subsidy. Other deductions included pipeline management cost (N3.666 billion) and pipeline operations repair and maintenance (N8.044 billion), amounting to N13.874 billion. It equally held back N5.067 billion to “augment crude oil and product losses”, bringing the total to N174.793 billion.

Source: The Guardian February 07, 2019 04:30 UTC