Senate to Investigate NNPC Over Diversion of NLNG Fund

• Senate to Investigate NNPC Over Diversion of NLNG Fund

The National Assembly will probe the Nigerian National Petroleum Corporation (NNPC) on  Tuesday, following the diversion of the dividends from the Nigerian Liquefied Natural Gas, Dr Bukola Saraki, President of the Senate, said on Monday.

Maikanti Baru, the Group Managing Director of NNPC, had claimed the diverted fund was used to maintain the N145-per litre pump price of Premium Motor Spirit (petrol). A claim the upper chamber had set up an ad hoc committee to investigate, especially the $3.5 billion account kept by the NNPC for petrol subsidy.

Baru, who appeared before the committee last week, said the NNPC only spent $1.05 billion from the NLNG dividend account to cover the cost of ‘under-recovery’ in the importation of fuel.

However, Senate President said the response of the NNPC boss needs further investigation. According to him, it validated a motion moved earlier by the Minority Leader, Senator Biodun Olujimi, that a lot of unapproved spendings are going on in the Nigerian National Petroleum Corporation.

Saraki said, “There must be some serious issues to be looked into. The revelations by the NNPC’s GMD have justified the need for this investigation and they have shown that we are acting in good faith.”

“When in my ruling on the motion raised by Senator Olujimi, I insisted that we wanted a transparent, honest and non-partisan investigation on the fuel subsidy issue, it was clear to me and my colleagues that there are certain irregularities being perpetrated and we should let Nigerians know the truth. That is why we set up the committee in the first place. And to demonstrate the seriousness we attach to the issue, we decided that the ad hoc committee should be led by the Leader of the Senate, Senator Ahmad Lawan.

“We are, however, shocked that the NNPC’s GMD was claiming that the illegal diversion of dividends from the NLNG, which should be paid into the Consolidated Revenue Fund of the Federation for the purpose of funding the fuel subsidy, was done ‘in compliance with the National Assembly directive that the NNPC as the supplier of last resort should, and has, maintained robust petrol supply.’”

“So, if the National Assembly called on the NNPC to carry out its legitimate duty of ensuring adequate fuel supply to Nigerians, the GMD logically thinks the corporation, by that call, has the license to perpetrate illegality, spend money without approval and violate appropriation laws. It is my belief that if the National Assembly said the corporation should perform its duty effectively as a supplier of fuel to Nigerians without exposing people to needless suffering, that ought to be done within the ambit of the law.”

“This investigation will require the GMD to produce the approval given by the National Assembly and other necessary approving bodies authorising the NNPC to divert the dividend from the NLNG investment, which ought to be paid into the Consolidated Revenue Fund belonging to the three tiers of government, for the payment of fuel subsidy.”

Sarake assured Nigerians of transparency with no cover-ups.