The Senate Committee on Public Account, has given Nigerian National Petroleum Corporation(NNPC) seven days, to explain how it spent N4.07 trillion within six years.
The period covers between 2010 and 2016, while the fund is believed to have been spent on oil subsidy, pipeline repairs and other major activities within the period started above.
The Vice Chairman of the Committee, Ibrahim Hassan Hadejia, gave the order in Abuja, after a
meeting with top-echelon of NNPC.
Basically, the meeting was called to discuss thorny issues in the industry, such as oil proceeds, expenditures and majorly allegations of non-remmittance of N4.07 trillion levelled against the management of NNPC.
This followed a heated debate, which ensured between the Committee, Office of the Accountant-General of the Federation and NNPC, when the issue of perceived misspporiation of public funds broke out in the sector.
Members of the Committee such as Senator Ayo Akinyulere, Ibrahim Abdullahi and Suleiman Kwari, were of the view that the query should be vacated, until NNPC’s Chief Financial Officer, Umar Hajiya, who represented the Corporation’s Managing Director, Mele Kyari, gave her own presentations on the issue.
Meanwhile, the issue has generated controversy in the industry, as stakeholders argued tha fiscal programmes are not conducted in accordance with the best known international practices in the country, may the sector.
A operator, who spoke on condition of annoymity, said that issues like poor accountability of public funds should not have arise at all, given the situations in the economy.
“How can a total of N4.07trilion be missing for over six years in a country, that its economy is gasping for breath and the Ministry of Petroleum, NNPC and others are quite about it” he said.


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