The Nigerian National Petroleum Corporation (NNPC) has offered to provide the Senate and the general public full details on the Nigerian Liquefied Natural Gas (NLNG) Dividends Account operation since inception from 1999 till date.
The Senate Committee on Gas recently opened a probe into alleged unauthorised disbursement from the account by the NNPC to support importation of petroleum products.
Chairman of the Committee, Bassey Akpan, said the committee’s terms of reference mandated it to look at the operations of the account from 2015 to date.
But the Group Managing Director of NNPC, Maikanti Baru, said on Thursday the corporation was ready to ensure full disclosure by giving a comprehensive insight into the operations of the account from 1999 to date.
Mr Baru, who was represented by the corporation’s Chief Financial Officer (CFO), Isiaka Abdulrasaq, in his presentation at the hearing Thursday in Abuja, insisted there was need to take a holistic look at the NLNG Dividends Account from inception rather than a limited view from 2015.
He said the corporation was ready to provide details of operations of the account in terms of revenues and withdrawal mandates form 1999 till date.
Chairman of the Senate Committee, Mr Akpan, welcomed the offer by NNPC.
The committee adjourned hearing to December 4, with a mandate to NNPC and the Central Bank of Nigeria (CBN) to provide details of operations of the NLNG Dividend Account before the end of November.
Meanwhile, the NNPC GMD assured that fuel supply situation in the country is robust with about 2.2 billion litres in stock, representing over 45-day sufficiency.
The Senate resolved to investigate reports that the NNPC tampered with the NNPC dividend account to fund its fuel importation under-recovery cost.
This followed a report by PREMIUM TIMES from documents which showed how the Buhari administration unilaterally — without required consultation with states and appropriation by the National Assembly– tampered with the NLNG funds.
Details of the report showed about $1.05 billion (N378 billion at N360 to a dollar) was inappropriately spent by the federal government to fund subsidy payment on petroleum products in the country.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...