Report: NNPC’s failure to remit monthly revenue causes panic – Is Nigeria Broke?

by Chi Ibe

SaharaReporters has claimed to have obtained a text message allegedly sent to members of the Federation Account Allocation Committee to pay monthly proceeds to the Nigerian treasury.

According to the report, NNPC’s inability to remit funds means that the committee does not have enough funds to share among the three tiers of government and could suggest the country is dead on cash.

An unidentified source told the website it was difficult to assert if the NNPC’s action signaled that the Nigerian government might be broke: “I cannot say the government is broke, but recently committee did not meet as it should to discharge its revenue sharing duties,” the source said.

The new date for the committee meeting is 16 April, 2012 and a lot of committee members are holding their breath hoping the NNPC pays up.


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