The Senate has summoned the management of the Nigerian National Petroleum Corporation (NNPC) for paying N443 billion without budgetary provision.
The Chairman of the Committee, Senator Mathew Urhoghide said the senate is asking the Corporation to explain the expenditure without the National Assembly’s appropriation.
He said the move was sequel to the 2016 report of the Auditor General for the Federation, which is before the Senate.
“During the examination of Subsidy records provided by the Federation Account and Allocation Committee, it was observed that the total subsidy paid during the year 2016 was N443,940,559,974.80.
“They included the 2014 arrears paid to oil marketers in 2015 and the payments made in 2016 without Interest is 403,321,449,046.76.
“Interest and forex differential is 40,619,110,928.04 totalling N443,940,559,974.80 which was termed subsidy deducted at source by the NNPC, the AuGF query to the NNPC reads in part.
“This reflects continuing weaknesses in the budgeting process adopted by the Federal Government.”
