Reps probe n100bn underpayment by nnpc

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Reps Probe N100bn Underpayment by NNPC

The House of Representatives has launched an investigation into the alleged underpayment of N100 billion by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account.

The probe was initiated following a petition by the Accountant-General of the Federation, Ahmed Idris, who alleged that the NNPC had failed to remit the sum of N100 billion to the Federation Account between 2015 and 2019.

The Chairman of the House Committee on Public Accounts, Wole Oke, said that the committee would investigate the matter and ensure that those responsible for the underpayment are held accountable.

"We will investigate this matter and get to the root of it. We will also ensure that those responsible for the underpayment are brought to book," Oke said.

The NNPC has been accused of underpaying the Federation Account by billions of naira in recent years, with some lawmakers alleging that the corporation has been using the funds to finance its operations.

The Federation Account is a special account that holds revenue generated from oil and gas production, as well as other sources, and is used to fund the operations of the federal government.

The probe is seen as a major blow to the NNPC, which has been under intense scrutiny in recent months over its financial dealings and alleged corruption.

The NNPC has been accused of mismanaging the country's oil resources and failing to remit adequate revenue to the Federation Account, leading to a significant decline in the country's revenue and economic growth.

The investigation is expected to be a major test of the government's commitment to transparency and accountability in the management of the country's oil resources.