Senate to probe NNPC, NPDC for ‘criminally witholding $3.47bn’ from Federation Account

The senate has mandated its committees on finance, petroleum upstream and downstream to investigate the Nigerian National Petroleum Corporation (NNPC) and Nigerian Petroleum Development Company (NPDC) over the non-remittance of $3.47billion to the federation account.

The resolution by the senate was sequel to a motion by Dino Melaye, senator representing Kogi west.

Moving the motion, Melaye said the two agencies of government have been lifting crude oil in a manner that was not transparent.

“I stand this morning with a very heavy heart to ask my colleagues that I need the nod of the senate to inform the senate about a satanic collabo between the NNPC and NPDC; there is a case of unlawful misappropriation and criminal withholding of public revenue by NNPC and NPDC from 2013 to date to of about $4 billion,” the legislator said.

“The way and manner the two agencies of government have been carrying out crude oil lifting has not been transparent. Since 2013 to date, NPDC has continued to lift crude oil from their interested oil wells OML 61, OML 62 and OML 63 worth over worth $3.47 billion without remittance to the federation account.

“The senate further notes that NPDC has been lifting from their oil wells OML 65, OML 111, OML 119 to the tune of $1.8 billion out of which only $100 million has been remitted.

“That while the practice had started before the present administration, it has continued under the watch of the new administration without abating, so much that in the year alone, between January and August, a total of $344.42 million worth of crude oil has been lifted by the NPDC without remittance and also not paying remittance and other taxes on lifting.”

He added the said amount could build about 11 world class teaching hospitals fully equipped.

Contributing to the debate, Ali Ndume, leader of the senate, said the money would do a lot to revive the economy at a time of recession.

“We need to attach seriousness to it; it is a serious matter,” he said.

Also, Solomon Olamilekan, senator representing Lagos west, said: “It is high time we unbundled NNPC in terms of their finances.”

The senate further resolved that the NNPC and NPDC immediately remit to the federation all outstanding balances.

Bukola Saraki, senate president, said it was “frightening” that what was alleged to have been been done in the last administration had continued to the present.

The senate adopted the motion after it was put to a voice vote.

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