The National Assembly Joint Committee on Petroleum (Downstream) has vowed to uncover alleged secret accounts belonging to the Nigeria National Petroleum Corporation (NNPC).
The Chairman of the committee, Sen. Magnus Abe, who said this during the defence of the NNPC 2013 budget proposals, stated that intelligence reports reaching the committee show that the NNPC management was allegedly maintaining a secret.
Abe said the government agency was in the habit of failing to tender relevant details of its financial operations.
The chairman described the presentation made by the management of the corporation as “unserious, full of contradictions and one that failed to reconcile its revenue generation.”
He said “We want to know where the reserve is located, how much money is there, the account number, the signatories to the account among other details relating to the reserve.”
“The budget you presented contains only the details of expenditure. There is no corresponding outline of its revenue profile for the outgoing year.”
Abe further directed the NNPC to produce a proper documentation of its expenditure within two days or risk appropriate sanctions.
Speaking earlier, the NNPC Group Coordinator, Planning and Strategy, Timothy Okon, said 162 million barrels of crude was lifted by the corporation between January and September 2012. Out of this, only 44 million barrels of crude were processed in the country while the rest was refined abroad.
Okon added that, out of the revenue projection of N4.02 trillion for 2012, the corporation had collected N2.3 trillion as of September.
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