BEVERLY HILLS, March 01, (THEWILL) – The Senate has mandated the committee on petroleum downstream to investigate the alleged non-remittance of funds by the Nigerian National Petroleum Corporation (NNPC) to the federation account.
The resolution by the senate was sequel to a motion entitled ‘discrepancies in subsidy payment and non-remittance of funds by the NNPC to the federation account’ sponsored by Dino Melaye (Kogi west).
The committee was also mandated to also investigate an alleged abuse of product marketing and distribution between 2006 and 2016.
“The independent marketers account for 49 percent of the imported petroleum product, while the NNPC accounts for 51 percent of imported products, but this does not justify the huge amount it has been paid as subsidy in the last 10 years,” Melaye said.
“From the records derived from the PPMC, 5 to 10 cargoes of imported crude arrives the country monthly, while about 5 cargoes are refined locally and each cargo contains 5.8 million litres of the refined crude products.
“The excess products which cannot be dispensed that goes into different tank forms owned by private individuals are not properly accounted for as they illegally sold off by the owners of these tank farms in a manner that is opaque and usually designed to rip off the public and enrich a few persons stupendously at the expense of the masses.
“Companies like BOVAS and RANO are paying N20 to N25 per litre for the sales of this product which amounts to over N2 billion monthly.
“These monies are not accounted for and that might be the reason why we now see petro-dollars in caskets and uncompleted building in remote villages in some parts of the country.”
The senate adopted the motion after it was put to a voice vote by the Senate President, Bukola Saraki.
