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Alleged $3.5bn Diversion Is $1.05bn Loan To Fund Subsidy –NNPC

Nigeria Student Forum / General Discussion / Political News / Alleged $3.5bn Diversion Is $1.05bn Loan To Fund Subsidy –NNPC (23) Views

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The Nigerian National Petroleum
Corporation on Saturday said the $ 1 .05 bn
revolving loan obtained from the
dividend of the Nigerian Liquefied
Natural Gas company prevented
petroleum products’ chaos in Nigeria .
It said the loan was used to subsidise the
cost of Premium Motor Spirit, popularly
known as petrol, in 2018 , adding that it
was unfortunate for the National
Assembly to commence a probe into the
use of the NLNG dividend .
The Senate , on Tuesday , commenced an
investigation of the alleged diversion of
$ 1 .05 bn from the Nigerian Liquefied
Natural Gas dividend account by the
NNPC.
The probe was a separate one from an
earlier investigation by the Senate into
illegal payments by the NNPC to augment
the shortfalls between the landing cost
and pump price of petrol.
The Senate had set up an ad hoc
committee, chaired by the Majority
Leader, Senator Ahmad Lawan, to
investigate an alleged $ 3. 5 bn account
kept by the NNPC for petrol subsidy
payment.
Commenting on the development on
Saturday in Abuja, the NNPC’ s Group
General Manager, Group Public Affairs
Division, Ndu Ughamadu, told SUNDAY
PUNCH that the probe by the Senate was
wrong as the $ 1. 05bn loan saved Nigeria
from chaos .
He said , “The Senate got it wrong . Based
on newspaper reports , the Senate said it
was $ 3 .5 bn subsidy fund , whereas we do
not have anything like subsidy fund .
What we have is that we sourced for
revolving loan based on the Nigeria LNG
dividend to NNPC .
“ And this is because NNPC is a major
shareholder in NLNG and inter- party
agencies are managing this and the figure
is $1 . 05bn . There is nothing like $ 3. 5 bn
because anything subsidy must be
appropriated by the National Assembly . ”
Ughamadu added , “ Now, it is important
to state that if we didn ’t source for that
revolving loan , the nation would have
been in chaos. They are not looking at
that but claim we spent $ 3 .5 bn when
there is nothing like that . You can ’t place
something on nothing .
“ If we wanted to play safe, we would just
appear before the Senate and when they
say what of the $ 3 .5 bn , we will say
nothing like that and that will be all . But
for the sake of responsibility, we went
further to clarify issues and told them
what we have .”

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