SENATE is set to open investigation on Nigeria’s oil manager, Nigeria National Petroleum Corporation, NNPC, over N5.1trillion collected on subsidy between 2006 and 2015. Rising on a point of order, Senator Dino Melaye from Kogi West drew attention of the Senate to the huge amount allegedly collected by NNPC but unaccounted for in the country’s record. Melaye wants the oil company thoroughly investigated for alleged malfeasance of the nation’s common patrimony; pleading with the Senate to come up with a substantive motion on the matter the next day. “The time to investigate NNPC is now”, he said, asking what the senate was going to do about it. Melaye also wants the Senate to probe other “monumental corruption,” in the oil company, beaming his search light on how some oil companies in connivance with Pipeline and Product Marketing Company, PPMC, allegedly steal litres of refined products from
government up to the tune of N2billion monthly. Melaye said that was responsible for high cost of diesel in the country. He also wants Senate to investigate how AGO &PMS mysteriously disappear from farm tanks and the proceeds end in private pockets. Senate President Bukola Saraki noted the matter raised by Senator Melaye bothers strongly on the fight against corruption granting his request to come forward with a substantive motion today. …moves to redeem local contractors’ debt The Senate yesterday urged the Federal Government to appraise its indebtedness to local contractors and propose a plan for servicing the debts. This followed a motion sponsored by Senator Oluremi Tinubu and five other Senators, including Sen. Shehu Sani (Kaduna Central), David Umaru (Niger East), Gbenga Ashafa (Lagos East) Solomon Adeola (Lagos West) and Sen. Magnus Abe (Rivers East) The Senators noted that the Nigeria’s economy is experiencing difficult times caused by a slump in oil prices. “Disturbed that data released by the Debt Management Office put Nigeria’s domestic debt as at June 30, 2016 at over N10trillion, local contractors’ debt is estimated to amount to an additional N2trillion. “Opines that settling these local debts will ensure that effect businesses stay afloat through increase in the circulation of money in order to bring the current economic recession to an end.” The lawmakers are disturbed that further delay in serving these debts may adversely affect business organisations. They are further concerned that the inability to repay debts owed may affect the purchasing power of petroleum marketers thereby creating scarcity of petroleum products. The Senate President, Bukola Saraki in his submission worried that inability of the government to pay outstanding debt could spell doom for the banking and the financial sector.

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