Rivers State Governor, Nyesom Wike, has said that with the passing and signing of the Petroleum Industry Bill into law, remittances of the Nigerian National Petroleum Corporation to federation account, will now become less. Governor Wike speaking at the Government House, Port Harcourt, shortly after signing into law the Valued Added Tax Law No. 4 of 2021, explained that the NNPC under new Act, will be unbundled. He warned that as a result, every state must look inwards on how to survive without waiting for Federal Government’s FAAC allocations. “With the Petroleum Industry Act passed and signed into law, there shall be unbundling of NNPC, which means that NNPC remittance to the federation account will be less, requiring every state to look inwards on how to survive.”
The governor also lamented that States have been so emasculated that they could barely survive without monthly revenue received from Federation Accounts Allocation Committee. He pointed out that when agencies of the Federal Government are allowed to illegally demand and collect taxes meant for states to collect, they strangulate the States financially and turn them to be beggars.
Source: https://sweetcrudereports.com/pia-will-reduce-nnpc-remittances-to-federation-account-wike/