NNPC Stinks Despite Regime Change, Says Bukola Saraki

Deep-Seated illegality and abuse of financial procedures still bedevil the Nigerian National Petroleum Corporation (NNPC) two years after a regime change, Senate President Abubakar Bukola Saraki declared yesterday in Abuja. Saraki said the problem had continued in spite of efforts to sanitise the oil industry.

Saraki, who was represented by the Senate leader, Ahmed Lawal, at a public hearing on the re-introduction of subsidy being conducted by the Senate Committee on Petroleum Resources (Downstream), expressed displeasure at what he described as secret and opaque re-introduction of subsidy in the prices of Premium Motor Spirit (PMS) without any budget approval by the National Assembly.

The Senate President regretted that “government has not done what we need to do to nip this problem in the bud.”He said payments amounting to some N10 trillion were hijacked to favour few individuals. “Findings have brought to light the fact that our downstream oil and gas industry needs critical reforms”, he said.

Saraki further stated that it had been exposed that “in spite of the stoppage of the fuel subsidy regime, and non-appropriation of funds for the scheme due to the fraud and maladministration going on in the scheme, fuel subsidy payments continue to be maid illegally from our commonwealth to a few quietly in order to dodge scrutiny and avoid exposure.”

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