The Senate Committee on Petroleum (Downstream) will review and investigate the subsidy payment and non-remittance of funds by the Nigerian National Petroleum Corporation (NNPC) to the Federation account following Senate’s adoption of a motion moved by Sen. Dino Melaye (APC: Kogi). Leading the debate at its plenary on Tuesday, 1st March, 2017, Sen. Melaye underscored the continuous failure by the Nigerian National Petroleum Corporation (NNPC) to remit proceeds from the sale of refined products despite legal obligations to do so.
Elaborating on the motion, Sen. Melaye drew attention to the fact that some of the petroleum products were sold illegally to private individuals who enrich themselves at the expense of the masses. He expressed concerns on the lack of accountability by the Corporation mentioning that although the NNPC was responsible for 51% of Nigeria’s imported crude, it had failed to justify the huge amounts of monies that had been paid as subsidy in the last 10years and called on the Senate to probes its accounts and its handling of petroleum product distribution between 2006 and 2016.
Sen. Bukola Saraki (APC: Kwara) also spoke in support of the motion and directed members of the Committee to carry out its investigations effectively and report back its finding to the Senate timeously.
