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JVC account: NNPC shortchanged Nigeria for 5 years-Govs tell Buhari

The Nigeria Governors Forum on Thursday accused the Nigerian National Petroleum Corporation (NNPC) of failing to remit to the Federation Account the Joint Venture Cash Call for five years.

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They said this happened when the Cash Call Joint Venture was high as the oil price was about $110 per barrel.

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Addressing State House reporters after meeting with President Muhammad Buhar at the Presidential Villa, Abuja, NGF Chairman and governor of Zamfara State, Abdulaziz Yari, said this was what they reported to Buhari.

Yari said the NNPC shortchanged Nigeria for five years when the oil price was high. 

He said:  "The meeting is on the decision of NEC (National Economic Council) that the 7-man Committee was established to engage the NNPC and discuss a way forward so that we can be able to resolve the issue that is outstanding most especially on the remittances to the Federation Account.

"Wednesday the 7-Man Committee sat with the NNPC group and today (yesterday) we have come to brief the President. One of the things is about how they are paying the Joint Venture batch four and we have seen that what is being remitted to the Federation Account to the entire people of Nigeria is lower and what is being paid for the Cash Call Joint Venture is higher than what is going to the Federation Account.

“So, we are concerned about that and NEC is concerned about that.  So they told the committee under my leadership to engage with the NNPC to discuss a way forward.

"The entire federation is being shortchanged by those activities. The NNPC since 2010, there were no payments of Joint Venture Cash Call when the oil was $110 per barrel up to when the President took over in 2015. 

 

"So why the Federation Account is always low is because they are paying dual, paying the existing and at the same time paying the arrears. 

 

"So we sat down with them to fine-tune how best we are going to get our partners to understand where we are more especially now that the oil has started picking and the price is becoming moderately good and then we are slightly out of recession and we want to sustain that tempo."

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