Reps probe $1.5bn NNPC loan
House, Legislature Thursday, January 17th, 2013The House of Representatives on resumption at plenary
Wednesday resolved to investigate the $1.5 billion loan obtained
by the management of Nigerian National Petroleum Corporation
(NNPC).
Nnanna Raphael Igbokwe, sponsor of the motion argued that the
loan was neither included in the 2013-2015 Medium Term
Expenditure Framework nor the 2013 budget.
Igbokwe argued that the decision of the NNPC to use the nation’s
crude oil, which is the collective wealth of Nigerians as collateral for
the loan, “will plunge the nation into greater indebtedness.”
He said that section 44 (2a) of the Fiscal Responsibility Act
prescribed a mandatory condition for borrowing by the Federal
Government and its agencies.
The lawmaker maintained that the Act also stipulates that
government corporations and agencies should prepared and
submit to the minister, their schedule of estimates of income and
expenditure for the next three years.
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Posted by admin
on Jan 17 2013. Filed under House, Legislature.
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