Senate vows to probe alleged NLNG fund diversion

Senate President, Bukola Saraki, has assured of an investigation into why the Nigerian National Petroleum Corporation (NNPC) diverted the dividend from the Nigerian Liquefied Natural Gas (NLNG) to fund petroleum subsidy.

Mr Saraki said the Senate, on resumption of plenary, will further probe the claims made before the Senate ad-hoc committee by the Group Managing Director of NNPC, Maikanti Baru, on how and why the corporation was diverting the dividend to defray the cost of under-recovery in the importation of fuel.

Mr Saraki’s latest intervention is coming hours after PREMIUM TIMES published documents of how the federal government illegally diverted $1.05 billion (N378 billion at N360 to a dollar) to secretly fund subsidy payment on petroleum products.

Documents published by the newspaper show that the fund was sourced at the height of the fuel scarcity crisis between last December and January and was secretly diverted into payments on petrol supply and distribution.

Dividends from the gas firm are meant to be shared by the federal, state and local governments of Nigeria. The funds are supposed to be paid into the Consolidated Revenue Fund of the Federation rather than spent unilaterally by any tier of government.

Source: Premium Times

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