Thursday, November 21, 2013

House of Reps to investigate sale of crude oil by NNPC


The House of Representatives Today mandated its Ad hoc Committee to investigate the volume and sales of crude oil by the NNPC between January and July 2013.
The committee's mandate includes to ascertain the amount of money remitted into the federation account by the corporation during the periods under review.
The resolution followed a motion by Rep. Haruna Manu (PDP-Taraba), which was unanimously adopted.
Manu said that whereas, NNPC claimed to have remitted 20 billion dollars to the federation as crude oil sales from January to August, it only remitted seven billion dollars to government.
He said a document before him showed that the corporation generated 29 billion dollars between the periods under review and remitted only seven billion dollars to the Federation Account.
Manu noted that revenue derived from crude oil sales and other sundry operations by the NNPC in the oil sector were returns from property held by the government of the federation.
The legislator said that from September to date, no proper accounts had been rendered by the corporation or records kept to show the actual amount and volume of crude oil sales.
Rep. Solomon Adeola (APC-Lagos) said the shortfall in the remittances of NNPC had being for over seven years as contained in the Auditor-General of the Federation’s query to the corporation.
He urged the committee to critically scrutinise the Joint Venture Agreement between the Federal Government and some oil companies.(News Agency of Nigeria)

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