Reps to investigate NNPC for under-remittance of billions

OrderPaperToday – The House of Representatives has resolved to mandate its committee on petroleum (downstream) to investigate the Nigerian National Petroleum Corporation (NNPC) on alleged non remittance of funds from sales of Low Pour Fuel Oil (LPFO).
The resolution is sequel to a motion moved by Edward Pwajok (APC, Plateau) and 3 others on Wednesday.
Pwajok noted that there exists a correlation between economic growth and the surge in population of the country.
He put the estimate of the value of LPFO at N62billion per annum, noting that the “nation’s demand for Low Pour Fuel Oil (LPFO) currently stands at an estimated twenty million (20,000,000) liters per day at a current price of N103.60/litre.”
He therefore expressed concerns that “lot of illicit transactions have transpired during the cause of the business transactions of LPFO among the buyers with the NNPC over the years and the Nigerian government has lost a substantial amount of revenue due to lack of diligence, efficiency and economic management of LPFO transactions.”
The committee is to recommend steps to be taken for recovery of all funds (underpayment), and report back within six (6) Weeks for further legislative action.
Facebook Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here