Nigerian Senate to look into NNPC’s use of NLNG earning

Nigerian Senate to look into NNPC's use of NLNG earning
Illustration purposes only (Image courtesy of Nigeria LNG)

Nigeria’s Senate will reportedly launch an investigation into an alleged withdrawal of $1.05 billion NLNG funds by the Nigerian National Petroleum Corporation (NNPC) following a vote on Tuesday. 

NNPC owns a stake in Nigeria LNG together with global majors Shell, Total and Eni.

Reuters cited a Premium Times’ report saying that the funds were used by NNPC for fuel purchases and subsidies during the 2017 shortage period, even though the earnings should have been passed to local and federal state authorities.

During its debate on Tuesday, the Senate concluded that the funds were not allocated to NNPC in the 2018 budget, which would mean that any use of the funds by the company would have required state authorization.

NNPC spent a total of $5.8 billion at the end of last year and in the early part of 2018 on fuel imports to alleviate the shortage.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Gas to Power APAC Congress 2019

The Gas to Power APAC Congress will bring together regional government officials and senior representatives from regulators…

read more >

2nd CWC Japan LNG & Gas Summit

The highly successful CWC Japan LNG & Gas Summit returns for a second year from 19-20 February 2019 in Tokyo, Japan…

read more >

Global LNG Forum 2019

Global LNG Forum is your opportunity to see what the future of LNG will be like…

read more >