The Federal Account Allocation Committee (FAAC) has begun the process of producing a new reporting template that will serve as a guild for the Nigerian National Petroleum Corporation (NNPC) on revenue remittance to the Federation Account.
The move, according to FAAC, is part of efforts to find a lasting solution to the frequent issue of revenue controversy by the state oil company.
The Minister of Finance, Mrs. Kemi Adeosun, disclosed this Friday, at the monthly meeting of FAAC. Adeosun noted that the Federal government is at the final stage of the daft, which she said will be ready by next meeting slated to hold on September 26.
This also disclosed that President Muhammadu Buhari has directed the NNPC to always hold a pre-FAAC meeting with the Ministry of Finance to avoid issues that always lead to misunderstanding between FAAC and the NNPC.
“A committee for the revenue reporting template for the NNPC and the Federation Account will be ready before the next meeting. It will define the flow of revenue to the Federation account,” Adeosun said. The policy is meant to achieve a reliable template for revenue reporting for NNPC.
