Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Reps investigate NNPC crude oil sales, remittances

21 November 2013, 17:37

Abuja - The House of Representatives on Thursday mandated its Ad hoc Committee to investigate the volume and sales of crude oil by the Nigerian National Petroleum Corporation (NNPC) between January and July 2013.

 The committee would also ascertain the amount of money remitted into the federation account by the corporation during the periods under review.

The resolution followed a motion by Haruna Manu, which was unanimously adopted.

Manu said that whereas, NNPC claimed to have remitted  $20 billion to the federation as crude oil sales from January to August, it only remitted $7 billion to government.

He said a document before him showed that the corporation generated $29 billion between the period under review and remitted only $7 billion to the Federation Account.

"All returns accruing to the NNPC from crude oil sales and such transactions in the oil sector are supposed to be remitted to the Federation Account in accordance with Section 162(1) of the constitution,’’ he said.

 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.

Solomon Adeola 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.

Adeola also urged the committee to liase with the Committee on Public Accounts for information on crude oil sales and remittances by the corporation on the issue.

Samson Osagie said NNPC had over the years remained a “dark horse” when it concerned revenue remittance.

Ralph Igbokwe said the proposed investigation would go a long way to help the house in passing the 2014 budget.

 Saraki Adar, who spoke against the motion, said that the reports of many investigations adopted by the house had yielded no results.

 Warman Ogoriba (PDP-Bayelsa) urged the house to allow the Standing Committee of the house to handle the investigation instead of the ad hoc committee.

 - NAN


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...