The Federal Government, on Thursday, said the new Petroleum Industry Act had given it the power to hold the equities of the country’s oil firm in trust for the federation.
The governors had argued that the new oil sector law would deny states their fair share of revenue accruing to the Federation Account because it favoured the Federal Government and the NNPC Limited. The governors also faulted the removal of the requirement to transfer funds generated by the NNPC into the Federation Account, describing it as unconstitutional.
He said, “We are having an understanding. I do not want to pre-empt our discussions. But we are having an understanding. However, you must agree that in this country, there is a Federal Government and a federation.
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