Abuja - The House of Representatives, on Tuesday approved the $1.56 billion
loan facility proposed by the Nigerian National Petroleum Corporation (NNPC).
The resolution followed the adoption of the report on the proposed loan by
the Committees on Petroleum Resources, Upstream and Downstream, Loans and
Debts, and Justice.
The House also urged the Ministry of Petroleum Resources and NNPC to forward
details of the composition and structure of the Petroleum Support Fund (PSF) to
the appropriate committees of the National Assembly.
The House also urged the NNPC to be cautious and to always follow laid down
procedures in dealing with assets of the Federation, especially when contingent
liabilities may arise from the dealing.
It urged the NNPC to exploit alternative means of boosting its revenue and
should formally brief appropriate committees of the National Assembly, before
concluding the second tranche of the sale agreement being contemplated.
According to the house, the NNPC should streamline its operations to
eliminate waste and increase operational efficiencies and more degree of
It called on the NNPC to collaborate with stakeholders to develop a road map
for offsetting its huge indebtedness.
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