The Federation Accounts Allocation Committee, (FAAC), has accused the Nigerian National Petroleum Corporation, [NNPC] of failing to remit $1.48 billion dollars into the federation account as directed by Pricewaterhousecoopers (PWC) in its audit of the corporation’s accounts.     

At its last meeting, FAAC had, constituted a committee to find out the reasons for the delay in making the funds available to the three tiers of government.

This contradicts claims by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, that the NNPC had begun refunding the money into the federation account as recommended by the audit firm.

PWC was last year hired to carry out the exercise following an allegation by the former governor of the Central Bank of Nigeria, Lamido Sanusi, who is now the Emir of Kano, that $20 billion dollars had not been remitted to the federation account by the NNPC.