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Absence Of Ministers Stalls N450bn NNPC Probe
An Investigative hearing on an alleged non- remittance of over N450 billion by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account being conducted by the House of Representatives was stalled yesterday .
The hearing could not kick off due to the absence of the Ministers of Finance, Ngozi Okonjo-Iweala; Petroleum , Diezani Allison Madueke and the Central Bank Governor, Sanusi Lamido Sanusi, among others who were to make some clarifications to the lawmakers. The open investigation has been rescheduled for next Tuesday.
Chairman of the House Committee , Mumuni Jibril explained that the lawmakers by the probe were only trying to unearth some “embarrassing ‘ businesses in the NNPC which had been draining the nation’s revenue.
His words, “the embarrassing issue of non-remittance of N450 billion domestic crude revenue by NNPC could have been avoided with transparent accounting for our revenues. More worrisome is the fact that the un-remitted funds are known to be in excess of N700 billion. Our journey towards Vision 20:2020 cannot be realised with a whopping sum of N1.5 trillion being paid as subsidy on petroleum products just in one year, without empirical basis.
“Despite the enormous revenue accruing from crude oil sales every day, we have continued to operate a deficit budget simply because of our inability to track our revenues:
“Over $50 billion dollars of crude oil revenue is still trapped in the hands of the major lifters of Nigeria crude oil with the knowledge of NNPC.
“Our Excess Crude Account which has been re-named “Sovereign Wealth Funds” has been so bastardised that over $5 billion was appropriated through the backdoor without parliamentary approval.
“NNPC religiously takes 445,000 barrels domestic crude per day at below commercial rate, exports petroleum products are below import price, claims NPA charges as part of its cost but remains a major debtor to NPA, charges regular Demurrage on petroleum products imports as if our ports are always congested, under-declares revenue from federation crude and still turns around to claim huge subsidy from the federation”.
The lawmaker also accused NNPC of creating other arrangements such as “carry agreements” with IOCs to which over $12 billion of the federation’s revenue has been lost,” stressing that it had turned out to be another drainpipe on the federation’s revenue.
Speaker of the House of Representatives, Aminu Tambuwal, in his own remarks pointed out that the House took matters of financial management very seriously particularly when it concerned the country’s resources, thus, the imperative for the investigations.
His words,”let me state that public allegations bordering on lack of transparency against persons, agencies or corporations are grave enough and deserving of prompt action by the representatives of the people who by oath are under a duty to uphold and defend this Constitution.”
Nneka Amaechi-Nnadi, Abuja
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