Nigerian
Extractive Industries Transparency Initiative, NEITI, yesterday, cleared the
Petroleum Products Pricing Regulatory Agency, PPPRA, over the remittance of the
sum of N4.423 billion to the Federation Account.
This was
made known after a reconciliatory meeting between NEITI and the PPPRA over the
recently released 2009-2011 Industry Audit in the Oil and Gas Sector, and the
findings as they affect PPPRA.
According
to a joint statement issued by both agencies, signed by Zainab Ahmed, Executive
Secretary, NEITI and Reginald Stanley, Executive Secretary, PPPRA, the sum of
N4.423 billion in dispute has been reconciled and traced to the Petroleum
Support Fund (PSF) account domiciled with the Central Bank of Nigeria (CBN).
They
stated further, “There is nothing outstanding against PPPRA on the said
amount. The meeting evolved strategies
for both NEITI and PPPRA to address other issues arising from the NEITI Report,
using the platform of Inter-Ministerial Task Team (IMTT) set up by President to
address remedial issues arising from NEITI’s Report.
NEITI,
had in its report released a couple of days ago that the PPPRA remit all funds
amounting to N4.423 billion arising from the over-recovery collected to the
Federation Account.
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