Oil & Gas
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THE House of Representatives, on Thursday, resolved to investigate the N500 billion debt owed Petroleum Pricing Marketing Company (PPMC) by major marketers and independent oil marketers. The House said the decision is in line with sections 88 and 89 of the 1999 Constitution as amended, which empowers the house to carry out oversight functions on government institutions.
Th decision followed a motion of urgent public importance by Rep. Agom Jarigbe (PDP-Cross River), unanimously adopted by members through a voice vote. Moving the motion, Jarigbe urged the House to “resist the act of criminality being perpetuated within the oil sub-sector.”
According to him, there is a connivance and compromise by functionaries of PPMC to leave government funds in the hands of marketers, thereby putting the country in dire financial straits. “PPMC went into through Put Agreements with some of the marketers, which does not empower the marketers to sell out products stored in their respective Tank Farms. The marketers criminally sold out the products and also benefitted from intervention allocations and have since not remitted the funds to PPMC.”
The House alleged that those concerned had sabotaged government and converted funds that should rightly accrue to the Consolidated Revenue Fund. The House, therefore, set up an ad-hoc committee to investigate “the huge debts and criminal act.” – Vanguard
— Sep 29, 2016 @ 18:00 GMT
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