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Reps to investigate NNPC $1.5bn loan

17 January 2013, 14:21

Abuja -  The House of Representatives has mandated its Joint Committee on Loans and Debts, Justice, Petroleum Downstream and Upstream to investigate an alleged plan by the NNPC to obtain a syndicated loan of 1.5 billion dollars to pay its debt.

The House mandated the committee to investigate the NNPC during its plenary in Abuja on Wednesday.

It urged the NNPC to withhold further action on the loan, pending the outcome of the investigation.

The committee is expected to submit the report to the House within 14 days.

The resolution was sequel to a motion moved by Rep. Raphael Nnanna ( PDP-Imo) which was unanimously adopted.

According to him, the loan is neither captured in the 2013-2015 Medium Term Expenditure Framework nor the 2013 budget.

He said that section 44 (2)A of the Fiscal Responsibility Act, prescribed a mandatory condition for borrowing by the Federal Government and its agencies.

According to him, the Act also stipulates that government corporations and agencies should prepare and submit to the minister, their schedule of estimates of income and expenditure for the next three years.

He said that securing the loan would plunged the nation into greater indebtedness.

The legislator noted that the collateral for the loan would be crude supply which he described as the collective wealth of Nigerians.

The News Agency of Nigeria (NAN) recalls that the Senate and former World Bank Vice President, Dr Oby Ezekwesili, condenmed the plan by the NNPC to obtain the loan.

According to Ezekwesili, the process the NNPC is following to obtain the loan is unnecessary and not transparent.

In a related development, President Goodluck Jonathan, has requested for a convenient date to brief the House on the proposed programme for the centenary celebration.

The letter read: The purpose of this letter is to request for a convenient date for the House of Representatives to receive a full briefing on the proposed programme for the centenary celebrations, so that your input will be accommodated in the framework.

" It is my hope that this request will receive the traditional expeditious consideration of the honourable members of the House of Representatives.

The Speaker of the House, Mr AminuTambuwal, in his reaction to members' criticisms of the proposed celebration, appealed to them to wait until the matter was slated for debate.

He said that ordinarily, communications from the presidency was not debateable.

The House also a received the 2013 budget estimate of N253 billion of the FCT from the presidency.

NAN reports that Jan. 1, 2014 will mark 100 years of Nigeria's unification as a nation.

The Southern and Northern part of the country were amalgamated on Jan. 1, 1914 by the British Government.



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