The House of Representatives Special Joint Committee on the petroleum sector has ordered the Nigerian National Petroleum Company Limited (NNPC) to cease what it referred to as the mortgage of Nigeria’s future crude oil until it concludes its assignment.
The special joint committee in a statement issued Thursday and signed by the Chairman, House Committee on Petroleum Resources Downstream, Hon. Ikenga Ugochinyere, urged the NNPCL not to undermine the forensic investigation.
The joint committee described the said fresh loan as a major threat to President Bola Tinubu’s efforts to ensure local refineries have crude oil for their refining processes.
The directive of the joint committee was sequel to a reported plan by NNPCL to borrow additional $2 billion in crude oil-backed loans from international creditors to boost its financial inflow.
The Group Chief Executive Officer of the NNPCL, Mele Kyari, reportedly stated that the national oil company was in discussions with international creditors to raise an oil-backed credit facility in order to pay international oil traders a backlog of $6 billion amid subsidy removal.
The committee warned that this move, if allowed, would further worsen the situation of things, starve the refineries of feedstock, weaken revenue generation and create room for waste of future revenue.
Ugochinyere said the committee was already looking into the impact of past forward sales of crude, allegations of non-remittance of any part of the revenue to the federation account, unhealthy terms in the agreement and the effects of the deals on availability of crude for local refineries.
He said: “We want to bring to our notice today a shocking development and alleged move by the leadership of the Nigerian National Petroleum Company Limited (NNPCL) to mortgage once again our future crude oil assets and revenues for alleged mere administrative purposes.
“As the Chairmen of the Joint Investigative Committees on Petroleum Resources Midstream and Downstream, it’ is our duty to act in the best interest of the citizens and ensure that the downstream and midstream sectors are protected from any decision that will further worsen the problems currently bedeviling the sectors.
“This move, if allowed will destroy things, starve the refineries, waste future revenue. We have ongoing investigation into past forward sales and allegation of non-remittance to federation account and non-availability of crude to domestic refinery.
“And now the citizens were excited on the recent news of president Tinubu intervention for crude supply to local refinery in Naira and the committee has received intel of plans to mortgage future crude revenue and oil for another loan at a time the nation is struggling.
“This is preemptive of the committee’s work and the committee wants to announce its halt of this fresh move and for the state oil company to brief the parliament.”
The joint committee added that the revenue being mortgaged are sovereign wealth of the people and the parliament has a duty as the watchdog of the commonwealth to step in.
Adedayo Akinwale
Follow us on:
In Mexico's western Sinaloa state, at least 53 people have been killed and 51 others…
The Nigeria Police Force (NPF) has announced the arrest of two suspected political thugs during…
President Bola Tinubu on Saturday rejoiced with his better half, Oluremi Tinubu, on the occasion…
NIgeria's federal government and organised labour have signed an agreement on the new minimum wage…
A significant escalation in the ongoing conflict between Israel and Hezbollah has occurred following an…
Africa’s largest gathering of creative industry professionals, CANEX WKND, is taking place from October 16-19,…
View Comments
CALL THE MARKETING OFFICER OmarON (O8O 6739 9O9O ) AUCTION AUCTION AUCTION !!!!!!. THE NIGERIA CUSTOMS SERVICE
AUCTION IS TAKING PLACE HERE, WE MAKE DELIVERY TO ALL STATES IN NIGERIA
WE SELL GOODS LIKE :
VEHICLES
BAGS OF RICE
BALES OF CLOTHES
VEGITABLES OIL ETC. ALSO THE REPLACEMENT FROM IS OUT NOW,
THOSE ARE THE VEHICLES LISTED BELOW WITH THEIR PRICE
GOLF ,2 3 4,= 400,000 to 550,000
TOYOTA CAMRY BIG DADDY = 700,000
TOYOTA CAMRY TINY LIGHT = 450,000
TOYOTA CAMRY MUZZLE =1m800,000
TOYOTA CAMRY SPIDER =1m900,000
TOYOTA VENZA = 1.8 MILLION
TOYOTA AVENSIS =1m650,000
TOYOTA AVALON = 1.2 MILLION
TOYOTA Hilux = 1.3 MILLION
TOYOTA SIENNA = 750,000
TOYOTA RAV4 = 1.6 MILLION
TOYOTA 4RUNNER= 1. MILLION
TOYOTA TUNDRA = 2. MILLION
TOYOTA PICNIC = 650,000
TOYOTA HIGHLANDER = 1.6 MILLION
TOYOTA COROLLA = 750,000
TOYOTA COROLLA SPORT= 900,000
TOYOTA PRADO= 2. MILLION
TOYOTA MATRIX = 650,000
TOYOTA LANDCRUISSER = 2. MILLION
TOYOTA YARIS = 1.1 MILLION
TOYOTA HIACE BUS = 3.5 MILLION
ACURA MDX = 1.6 MILLION
ACURA ZDX=2.3 MILLION
HONDA ACCORD= 650,000
HONDA PILOT = 1. MILLION
HONDA BABY BOY =550,000
LEXUS RX300 1.3 MILLION
LEXUS RX330 1.9 MILLION
LEXUS RX350 2.2 MILLION
BENZ =ML550.#3.2MILLIO
INFINITY FX35= 1.2 MILLION INFINITY FX45=1.5 MILLION
NISSAN MURANO = 1 MILLION
NISSAN PATHFINDER =1.6 MILLION
ETC ONLY INTERESTED BUYERS SHOULD CONTACT THE MARKETING OFFICER-IN-CHARGE ON (O8O 6739 9O9O )