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GMD: Why NNPC doesn’t remit funds into TSA

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GMD: Why NNPC doesn’t remit funds into TSA

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has explained the nonremittance of all the corporation’s funds into the Single Treasury Account (TSA), stating that approval was got from President Muhammadu Buhari to that effect.

The GMD gave the explanation yesterday in a statement refuting an online media report that the Chief of Staff to the President, Alhaji Abba Kyari, had directed the corporation to set aside N50 billion from the NNPC funds.

The NNPC GMD in a statement issued by the corporation’s spokesperson, Ndu Ughamadu, stated that the corporation had sought approval from the President not to remit all funds into the TSA and this was graciously approved.

He said the approval of the President was only conveyed to the Corporation by Kyari and not him (Kyari) given the instructions that part of NNPC funds should be set aside. According to him, never in any fora had he stated that the Chief of Staff to the President, Mallam Abba Kyari, “directed the Corporation to keep the sum of N50billion away from the Treasury Single Account (TSA).”

Ughamadu, therefore, in the statement said: “NNPC wishes to state that the allegation is baseless, and is a clear misrepresentation of the truth.” On the Presidential approval, he said: “By virtue of the operations of the NNPC, the corporation had made a series of compelling cases to the Presidency and the Central Bank of Nigeria (CBN) to allow certain categories of accounts operate outside the TSA, as they contain co-mingled funds governed by detailed agreements with local and international implications.

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