Thursday, January 17, 2013

Reps to probe NNPC $1.5bn foreign loan deal

Tambuwal
THE House of Representatives, on Wednesday, mandated its Committee on Petroleum (downstream), Petroleum (upstream), Justice and Loans and Debts to investigate the Nigeria National Petroleum Corporation (NNPC) over a loan of about $1.5 billion it secured from both local and foreign banks and submit its report within two weeks.
The resolution was sequel to a motion moved by Honourable Nnanna Igbokwe, who observed that the loan was not included  in the 2013-2015 Medium Term Expenditure Framework presented by the executive and not even included in the 2013 budget.
According to him, section 44 (2a) of the Fiscal Responsibility Act prescribed a mandatory condition for borrowing by the Federal Government and its agencies, noting that the action of NNPC was a breach of the provision.
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