Governors Query NNPC Spending, Suspend ‘Cash-Call’ Payment

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The Nigerian Governors’ Forum (NGF) has queried the spending of the Nigerian National Petroleum Corporation (NNPC) and asked it to clarify its expenses.

Chairman of the Forum and Zamfara State Governor, Abdul’Aziz Yari, stated this on behalf of his colleagues after they met in Abuja, the nation’s capital.

Addressing reporters on Wednesday night, Governor Yari said the forum was concerned about the implementation of the ‘cash-call agreement’ of the corporation.

The term describes a counterpart funding contract between the Federal Government and the multi-national oil companies, allowing the NNPC to invest about 60 per cent of its equity.

The NGF Chairman, however, disclosed that the governors resolved to suspend the payment of cash-call, and payment of all arrears until the NNPC clarifies its spending.

According to him, the decision was taken because the corporation could not ascertain the actual figure of debt paid so far.

“I wonder – when the total capital budget of the nation is one point something trillion naira – how could NNPCC alone say ‘we are spending N2.7trillion on the capital programme of development of oil’, what are they developing?” he questioned.

Governor Yari noted that the forum frowned at the supposed withdrawal funds from the monthly remittance to the Federation Account.

He added that the forum further agreed that NNPC must specify its various remittances to the Federation Account for proper accountability going forward.

“We told NNPC that they must remit the royalty and taxes when due; and when they are remitting this money, they should specifically spell out what each and every money is meant for – you cannot just take from this month ransom a N100 billion and you didn’t tell us what the money is meant for.

“So, we agreed on that and that’s how they are going to continue from this month,” the Zamfara State governor affirmed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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