...News is Here

N1.329trn allegation reckless- Madueke

alison madueke1

The Petroleum Minister Deziani Alison Madueke on Tuesday told the media that the Nigerian National Petroleum Corporation, NNPC, did not receive the sum of N1.329trillion from the central bank between 2009 and 2011 as claimed by the House of Representatives ad-hoc committee on subsidy regime. The Group Managing Director of NNPC, Dawha who spoke on her behalf said the refusal of the house to pass the Petroleum Industry Bill, PIB, has adversely affected the 40billion oil reserve target.

According to her, the mechanics of subsidy recovery by NNPC is non- fund based. She said when approved certificates are received from the Petroleum, Products, Pricing Regulatory Agency,PPRA,their values are deducted from crude oil cost due in a given month, after due consideration of what is approved.

She further stated that ‘all such approvals and deductions are regularly copied to other relevant agencies of government, such as Federal Ministry of Finance, Office of the Accountant General of the Federation, Budget office of the Federation, Federation Accounts Allocation Committee, and the Revenue Mobilisation and Fiscal Allocation Commission. ‘It is unfortunate that the wide allegations, suppositions and conjectures, which form the basis of their conclusions, actually did more damage to the objectives that verify subsidy requirement. Furthermore, such reckless allegation is capable of inciting the public against the corporation and its personnel, ‘she said.

The Minister urged the ad- hoc committee to disclose the source of its data and such source must also disclose to the nation the demand note for the payment, the bank and the account the amount was paid to and to who in order to close the whole discussion on subsidy discussion.