EXCLUSIVE: NNPC set to deliver zero FAAC remittance in May as monthly subsidy payment bites harder | TheCable https://www.thecable.ng/exclusive-nnpc-set-to-deliver-zero-faac-remittance-in-may-as-monthly-subsidy-payment-bites-harder/amp

The revenue drama that dominated the public space in the past weeks does not look like it will end anytime soon.

This is because the Nigerian National Petroleum Corporation (NNPC) has disclosed that its projected monthly remittance to the federation accounts allocation committee (FAAC) for May will be zero.

The corporation said this in a letter to the accountant-general of the federation, on Tuesday, a copy of which was seen by TheCable.

In March, @MKKyari, group managing director (GMD) of @NNPCgroup, had warned that the corporation can no longer bear the burden of underpriced sales of premium motor spirit (PMS), better known as petrol, to consumers in the country.

The zero remittance from @NNPCgroup will affect the monthly allocation to states for the coming months, which may make them unable to meet their statutory obligations such as payment of salaries to workers in their respective states.