Senate Wades into NNPC Conflicting Financial State

Despite the assurances from the federal government refuting the alleged financial constraints stifling the operational activities of the Nigerian National Petroleum Corporation (NNPC), the Senate has resolved to pry into the bickering raised by the report of the Minister of State for Finance, Remi Babalola on Tuesday, aiming to coming out with facts.

To that effect, Senate Committee on Petroleum (downstream and upstream) on the order of Senate President, David Mark has swung into action to look into the matter. The committee is given one week to submit its report to the senate to enable it take a stance on the matter.

The senate which took a swipe at the executive for what it term unfortunate bickering, wants fact, and it has directed its committee in-charge of petroleum to investigate and report to it in one week

The Senate President and his fellow lawmakers agreed to launch into the investigation via a voice vote.

The investigation, the Senate President said was occasioned by the discordant tunes triggered off Babalola disclosures and subsequent refutation by federal government and the executives in the Nigerian oil industry.

�Mark, who described the whole scenario in the oil sector as confusing and unfortunate, added that the situation has called for the need to look into the matter and come out with convincing financial state of the Corporation.

Senator John Shagaya, who raised the motion on the floor of the Senate, noted that the conflicting statements from the contending parties have become a cause for concern for lawmakers.

As stakeholders, Shagaya stressed, has moved the senate�s resolve to ascertain the true financial state of the nation�s economic base which is domicile in the Nigerian National Petroleum Corporation.

Chairman Senate Committee on Petroleum downstream, Senator Lee Meaba, said that the NNPC is indeed in trouble.

He is of the opinion that the insolvency saga is a window for the long overdue investigation of the Corporation. But the Chairman, Senate Committee on Gas, Senator Osita Izunaso disagreed. He linked the crisis to lack of synergy between government agencies which must be addressed.

It would be recalled that the minister of state for finance, Remi Babalola had alleged that the NNPC is insolvent and cannot carry out its operational obligations to the nation and stakeholders.

He said that the corrupt stricken nation�s state oil giant�s liability outstrips its assets, which has rendered it to default in paying its debt to the Federal Account Allocation, an agency of the federal government.

NNPC has linked the debts to over N600 billion oil subsidies owed it by federal government.

NNPC claimed that it is owed total debts of N1.56 trillion which if paid will keep it on its toes again as a going concern.

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