'The constitution is very clear on the role of the National Assembly in appropriating funds belonging to the federation, and did not exempt anyone.” Nigeria NNPC Senate Subsidy
Chairman of its Committee on Petroleum Resources , Senator Sabo Muhammad Nakudu , regretted that the sole importer of petroleum products claimed N843.12 billion and over N1 trillion as under-recoveries for 2018 and 2019 as against the average N511 billion yearly in a decade-long subsidy regime. He spoke yesterday at the joint hearing on “Exiting Petroleum Subsidy: Ensuring Self-sufficiency in Domestic Refining of Petroleum Products” in Abuja.
Nakudu stated: “The NNPC Act which empowers the corporation to submit to the National Council of Ministers not later than three months before the end of each financial year, estimates of its expenditure and income relating to the next financial year, does not negate the supremacy of the constitution on appropriation matters.
The committee chair said the time has come for Nigeria to exit fuel subsidy and redirect the huge resources it takes to meaningful projects that would benefit majority of the citizens.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kaduna Refinery generated zero revenue in 2018, incurred 65bn loss – NNPC reportDetails of the NNPC financial statement raise concerns yet again about the continued operation of refineries by the NNPC.
Read more »
Three refineries gulped N1.6trillion in cumulative loses in 5 years, says NNPC audit reportCritics say the humongous losses, which epitomises the level of rot and decay in the four refineries, counters the logic in the federal government’s avowed commitment to sink more public funds in their rehabilitation before selling them to private investors.
Read more »
NEITI commends NNPC for publishing audited accounts|p style=
Read more »
Daily fuel consumption unknown –NNPC GMD
Read more »
Nigeria loses $48m to oil theft in six months - NNPC GMDNigeria lost $48 million to pipeline vandalism and crude oil theft between January and June 2020, it was learnt on Tuesday.It was further learnt...
Read more »
Mele Kyari: NNPC has Commenced Search for Hydrocarbon in Niger, Kwara, Kogi - THISDAYLIVEBy Laleye Dipo The Nigerian National Petroleum Corporation (NNPC) has commenced the search for hydrocarbon in parts of Niger, Kwara and Kogi States, the Group Managing Director (GMD), Malam Mele Kolo Kyari, has disclosed. Kyari said in Minna during a courtesy visit to Governor Abubakar Sani Bello on Wednesday that: “The quest for this exploration …
Read more »