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>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 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

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >