Senate frowns at N5.9b spent on NNPC rebranding

The Senate Committee connected Public Accounts has raised superior concerns implicit the N5.9 cardinal reportedly spent connected the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited, portion besides questioning fiscal discrepancies amounting to astir N210 trillion.

The president of the committee, Aliyu Wadada Ahmed, made the remarks during a nationalist proceeding wherever lawmakers questioned the fiscal records of the nationalist lipid company.

Wadada criticized the magnitude spent connected the modulation from NNPC to NNPCL, describing it arsenic excessive.

“In this time and age, who volition comprehend specified a fig being expended conscionable to alteration the sanction of NNPC to NNPCL?” He queried.

According to documents reviewed by the committee, NNPC reportedly spent astir N2.9 cardinal connected incorporation expenses sourced from petroleum merchandise proceeds, portion the National Petroleum Investment Management Services (NAPIMS) besides charged N2.9 cardinal against crude lipid gross for the aforesaid purpose.

Wadada said the duplication resulted successful a combined full of astir N5.9 cardinal being spent connected incorporation.

“NNPC paid N2.9 cardinal for incorporation expenses from petroleum merchandise proceeds, portion NAPIMS besides charged N2.9 cardinal against crude lipid gross for the aforesaid purpose...