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NNPC could be next in fuel scarcity probe

13 April 2016, 21:41

Abuja - The Senate has mandated its Committees on Gas, Petroleum Upstream, Finance and Appropriation to investigate the operations of the Nigerian National Petroleum Corporation (NNPC) Joint Venture Cash Calls obligations.

This follows a motion sponsored by Senator Bassey Albert Akpan, representing Akwa-Ibom North-East, who said the National Assembly had been appropriating for the NNPC Joint Venture  Cash Calls obligations in the past, with the current outstanding cash call obligations in the oil and gas sector standing at over $6 billion.

Akpan further stated that the cash calls were treated as first line items by NNPC before remitting available balance on its collectibles revenue from crude sales to the federation account.

“Such should be treated in accordance with fiscal appropriation approval of the National Assembly,” said the legislator.

Also read: Labour shuts down NNPC offices nationwide

The lawmaker observed the effective utilization of the Joint Venture cash call will enhance production, reserve sustainability and the general portfolio management of the oil and gas industry.

He expressed concern that the inability of the NNPC to meet its Joint Venture cash call obligations had led to loss of confidence by investors in the oil and gas sector.

Akpan also expressed concern the crude oil production from the obligations between NNPC and the international oil companies (IOCs) had declined by 47 percent as at the last quarter of 2015 due to the inability of the federal government to meet its cash call obligations.

Most senators supported the motion.

Senate President, Bukola Saraki, said the funds involved in the Joint Venture Cash Call were enormous and the “right thing” should be done, suggesting a probe. 



- CAJ News

Tags nnpc abuja fuel

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