The Nigerian National Petroleum Corporation on Saturday said the $1.05bn revolving loan obtained from the dividend of the Nigerian Liquefied Natural Gas company prevented petroleum products’ chaos in Nigeria.

It said the loan was used to subsidise the cost of Premium Motor Spirit, popularly known as petrol, in 2018, adding that it was unfortunate for the National Assembly to commence a probe into the use of the NLNG dividend. The Senate, on Tuesday, commenced an investigation of the alleged diversion of $1.05bn from the Nigerian Liquefied Natural Gas dividend account by the NNPC.

The probe was a separate one from an earlier investigation by the Senate into illegal payments by the NNPC to augment the shortfalls between the landing cost and pump price of petrol. The Senate had set up an ad hoc committee, chaired by the Majority Leader, Senator Ahmad Lawan, to investigate an alleged $3.5bn account kept by the NNPC for petrol subsidy payment.

Commenting on the development on Saturday in Abuja, the NNPC’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said that the probe by the Senate was wrong as the $1.05bn loan saved Nigeria from chaos.

Source: The Punch