Vanguard
States and local governments in the country have demanded their shares in the Nigerian National Petroleum Company Limited, NNPC.
Their position was contained in the communique issued, at the end of the Federation Account Allocation Committee, FAAC, Post-Mortem retreat which ended, yesterday, in Asaba, Delta State.
According to the Communique, “The shareholding of NNPC Limited should reflect the vertical allocation formula for the Federal, State and Local Governments.
“NNPC Limited should not charge additional fees for lifting and selling royalty and tax oil on behalf of Nigerian Upstream Petroleum Regulatory Commission, NUPRC, and the Federal Inland Revenue Service, FIRS.
“The RMAFC should look into the charge of 10 percent as management fees and another 30 percent Frontier Exploration Fund before remitting profit oil and gas into the Federation Account.
