Senate will probe NNPC to end subsidy payments

 Senate will probe NNPC to end subsidy payments

The Chairman, Senate Committee on Finance, Senator Solomon Adeola, has stressed the need to overhaul the Nigerian National Petroleum Corporation (NNPC) for the purpose of blocking leakages and end corruption and wastage within the oil and gas sector.

He said, “The issue here is that the importation of fuel by the NNPC is as a result of the non-performance of our refinery.

“When they recorded under-recovery, which led to the issue of subsidy payment, the question is, who verified the payments? Are there auditors who verify the payments and report back to government?

“That is where the legislature should come in and ensure that all that needs to be done must be looked into properly. The 9th Senate will work assiduously to ensure that the under-recovery being claimed by the NNPC, the claims about the volume of fuel imported, are properly looked into.”

Senator Adeola added that the 8th Assembly established a big difference between the amount of fuel imported and consumption by Nigerians.

He said, “That has also shown in the current closure of the borders. It has been reported that over 11 million metric tons of PMS were not utilised within Nigeria.

“That shows something is wrong somewhere. So, those who have been living fat on this kind of transaction should be ready for us as we go into proper legislative oversight. We will ensure that he who comes into equity must come with clean hands.

“We are ready and we are going all the way to ensure that the issue of under-recovery is put to rest, once and for all.”

TINU

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