Reps question $1.56billion NNPC loan

Hon. Aminu Waziri Tambuwal , Speaker, House of Representatives had on Monday exposed that the proposed loan of $1.56b by the Nigeria National Petroleum Corporation, NNPC did not come up in the 2013 budget that was presented to the National Assembly.

Tambuwal noted also that it did not reflect even in the Medium Term Expenditure Framework.

Meanwhile, the Minister of Petroleum Resources, Mrs Dieziani Allison-Madueke and Group Managing Director, GMD, NNPC, Andrew Yakubu while speaking before the House Joint Committee on Petroleum Resources held that the said money was not a loan, but an extended sales agreement between the Corporation and its various business partners in relation to debt management.

Tambuwal’s statement came while declaring open the public hearing on the said loan by the House Joint Committee.

He said: “The public hearing was in line with the resolve of the 7th House to deliver the dividends of democracy to Nigerians and also ensure the entrenchment of a policy that the citizenry could be proud of.”

Tambuwal who was represented by the Chief whip of the House, Hon. Ishiaka Bawa, while speaking to the Joint Investigative Committee on the need to do a perfect work on the matter, believed that the findings and recommendations of the panel would greatly stimulate the direction and decisions of the lawmakers.

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