Governor Soludo, in a viral video where he spoke in Igbo while addressing people during an event at the Dora Akunyili Women Development Centre, Awka, the Anambra State capital, said NNPC Limited did not remit even one kobo into the federation account in February, March, April, May and June of this year (2024)
Governor Chukwuma Soludo of Anambra State has knocked the Nigerian National Petroleum Company Limited (NNPC) for non-remittance of its return to the federation account in five months.
Governor Soludo, in a viral video where he spoke in Igbo while addressing people during an event at the Dora Akunyili Women Development Centre, Awka, the Anambra State capital, said NNPC Limited did not remit even one kobo to the federation account in February, March, April, May and June of this year (2024).
The governor, who said that Nigeria’s oil money has finished, revealed that what the federal government has been sharing to the state governments as federal allocation is money received from Customs and tax collected from companies.
He said, “Nigeria’s oil money has finished. Do you hear me? Since February, March, April, May and June, NNPC did not remit one kobo to the federation account.
“The money they normally remit to the federation account in Abuja that we always go to get (federal allocation), they did not remit kobo. Did you hear me?
“What we get (from the federation allocation) is money made from Customs and tax collected from companies. That is what the federal government shares. Oil money has finished. Let everyone know that now.”
The video surfaced amid controversy trailing the sudden hike in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, by the NNPC Limited, which has thrown Nigerians into more economic peril.
SaharaReporters had reported how the management of the NNPCL directed its filling stations across the country to hike the fuel price from N568 to N855 per litre earlier in September.
Reacting to the nationwide outrage against the fuel price hike, the state-owned oil company claimed that the fluctuating prices of fuel are determined by “unrestricted free market forces” as stipulated in the Petroleum Industry Act (PIA), 2021.
Quoting Mr Adedapo Segun, Executive Vice President of Downstream, NNPC Chief Corporate Communications Officer, Olufemi Soneye, in a statement, said the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
Segun said Section 205 of the PIA, which established NNPC Ltd., stipulates that petroleum prices are determined by unrestricted free market forces.
He said, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”