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

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