{"id":115523,"date":"2024-12-04T05:44:14","date_gmt":"2024-12-04T04:44:14","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=115523"},"modified":"2024-12-04T05:44:14","modified_gmt":"2024-12-04T04:44:14","slug":"senate-probes-n8-4tn-withheld-by-nnpcl-n3-6tn-unremitted-taxes","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/senate-probes-n8-4tn-withheld-by-nnpcl-n3-6tn-unremitted-taxes\/","title":{"rendered":"Senate Probes N8.4tn \u2018Withheld\u2019 By NNPCL, N3.6tn \u2018Unremitted\u2019 Taxes"},"content":{"rendered":"<p style=\"text-align: justify;\">The Senate on Tuesday resolved to probe the Nigerian National Petroleum Company Limited (NNPCL) over the N8.4 trillion it allegedly withheld as expenditure incurred on payment of subsidies on petroleum products.<\/p>\n<p>The red chamber also said it would probe another sum of N3.6 trillion which the Company has allegedly failed to remit as taxes into the federation account.<\/p>\n<div style=\"text-align: justify;\">\nThe Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), had made a presentation to the Joint Senate Committees on Finance and National Planning and Economic Affairs last week, where it alleged that the NNPCL withheld N8.4tn it ought to have remitted to government as \u201cclaimed subsidies on petrol.\u201d<\/p>\n<p>Another report by the Nigeria Extractive Industry Transparency Initiative (NEITI) also accused the NNPCL of failing to remit N3.6 trillion in taxes to the government.<\/p>\n<p>During plenary on Tuesday, the Senate resolved that NNPCL\u2019s must be probed to provide answers to what happened to the \u2018withheld\u2019 N8.4 trillion and the unpaid taxes, explaining that this was necessary for a government seeking funds to finance its N47.9 trillion budget for the 2025 fiscal year.<\/p>\n<p>The plenary, which was presided over by the President of the Senate, Godswill Akpabio, mandated the Joint Senate Committees on Finance, Petroleum Upstream, and Petroleum Downstream to carryout the probe.<\/p>\n<p>\u201cThe committees are further directed to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023,\u201d the Senate resolved after a debate on\u00a0the matter.<\/p><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Senate on Tuesday resolved to probe the Nigerian National Petroleum Company Limited (NNPCL) over the N8.4 trillion it allegedly withheld as expenditure incurred on payment of subsidies on petroleum&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":109300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-115523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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