Three federal revenue-generating agencies, the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Federal Inland Revenue Service (FIRS) have commenced reconciliation with the Federation Account Allocation Committee (FAAC) over a shortfall of N1.7 trillion in the inflows recorded for February. The shortfall was traced to these agencies by the Post-Mortem Sub-Committee (PMSC) of the FAAC in its March report.
The report stated that “the total unresolved amount due to the Federation Account from the reconciliation meeting held with the Revenue Generating Agencies in March 2024 was $36,329,376.24 or N1,782,608,213,106.87. The NNPC Limited and the NUPRC, owe N1.1 trillion ($35.7 million).” The FIRS has in deficit of N665.5 billion ($0.6 million). The report did not specify the cause of the shortfall, but it said there is an ongoing reconciliation effort between the revenue-generating agencies and the PMSC. These efforts aim to resolve the discrepancies and ensure all due funds are paid into the Federation Account.
