FAAC constitutes panel over unremitted $1.48bn by NNPC

Worried by the inability of the Nigerian National Petroleum Corporation to pay the $1.48bn into the federation account as directed by PriceWaterHouse Coopers in its forensic audit of the corporation, the Federation Account Allocation Committee on Monday constituted a committee to find out the reasons for the delay in making the funds available to the three tiers of government.

PriceWaterHouse was last year hired to carry out the exercise following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $20bn was not remitted to the Federation Account by the NNPC.

Sanusi, who is now the Emir of Kano, had written a letter to President Goodluck Jonathan that $49bn was not remitted to the Federation Account by the NNPC.

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