Citing alleged under-remittance of funds, the House of Representatives has commenced an investigation into the earnings of the Nigerian National Petroleum Corporation (NNPC) since the begining of this year.
According to the lawmakers, the investigation will ascertain the country’s earnings for that period.
An ad hoc panel will also find out the status of cash calls involving joint venture operations including the template used in arriving at the sharing formula.
The House will be looking at the exchange rate during the period due to the fact that NNPC sells its crude in dollars but remits to the Consolidated Revenue Account (CFA) in naira.
The decision of the lawmakers followed the adoption of a matter of urgent national importance by Nicholas Ossai (PDP, Delta), who said the failure of NNPC to remit about N100b into the CFA threw states and local governments that depended on the monthly allocation into a financial challenge that affected the payment of their June salaries.
He said the development was frustrating as it was not the first time such under – remittances would be made by NNPC.
