NNPC Fires Over 80 Senior Staff Who Failed Promotion Exams

The Nigerian National Petroleum Corporation, NNPC, has sacked over 80 manager-level employees, Daily Trust learnt.

The corporation started issuing letters to the affected workers on Friday.

 

At the Kaduna Refining & Petrochemical Company (KRPC), over 20 workers were affected.

 

Spokesman for the corporation Mr. Ndu Ughamadu told Daily Trust that the affected personnel were asked to quit because they failed promotion exams conducted for them recently.

 

 

“There was a promotion exercise and those who didn’t do well, I don’t have the figure now, were asked to exit,” Ughamadu said.

 

On why the staff were sacked rather denied promotion, Ughamadu said, “Corporate policy is corporate policy and management decision is management decision. It was a comprehensive exercise that was carried out and those who didn’t absolutely do well (were asked to quit). Management met on it and decided that number should go.”

 

He said all entitlements due to the affected workers will be paid to them.

 

Another source with knowledge of the matter said it would not be good for the affected staff to remain in the system because they would hinder the progress of others.

 

“Those who failed can’t be promoted because if they are, other low and middle level employees would not rise. We want progression and not stagnation,” the source said.

 

But another experienced official in the corporation said the rationale behind the exercise may be financial rather than administrative.

 

 

Between 2015 and 2017, the corporation recorded N267 billion losses with personnel salaries, pension and gratuity of staff including those in its subsidiaries taking the largest chunk of its expenses.

 

“But it has gone down (N82 billion as at July) because of what we are doing to reduce the cost of running this place,” the source said adding that there has been deliberate policy to cut the cost of running the corporation.

 

“Most people are retiring and we are not replacing them. Before the end of this year a lot of people will be retired. Next year will be worse. A lot of people will clear out of this place,” the source said.

 

 

Meanwhile, NNPC Group Managing Director, Dr. Maikanti Baru has said that corporation would deploy cutting-edge technology to enhance its operations and maximize value across its businesses value-chain.

 

Baru disclosed this while speaking at a Global Business Leaders Panel Session on the sidelines of the 21st Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), held in Abu Dhabi, United Arab Emirates, yesterday.

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OMG!!! See How Much NNPC Pockets Per Month

The Nigerian National Petroleum Corporation on Wednesday announced that its crude oil and gas export sale in August 2018 was $470m, indicating an upsurge of about $78m in comparison to July oil and gas export figures of $391.91m.
The NNPC monthly financial and operations report for August 2018, which was released in Abuja on Wednesday by the corporation’s Group General Manager, Public Affairs Division, Ndu Ughamadu, indicated that crude oil export sales contributed $337.62m, representing 71.83 per cent of the dollar transactions when compared with the $283.43m contribution in the previous month.
The report stated that export gas sales during the period amounted to $132.38m, adding that the August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth $5.26bn.
It further explained that based on the above sales figures, a total export receipt of $450.24m was recorded in August 2018 as against $382.65m in July 2018.
It said the contribution from crude oil during the period amounted to $336.43m, while gas and miscellaneous receipt stood at $101.33m and $12.48m, respectively.
A further breakdown of the figures showed that out of the export receipts, $142.31m was remitted to the Federation Account, while $307.93m was remitted to fund the joint venture cost recovery for the month of August 2018, to guarantee current and future production.
The corporation said total export crude oil and gas receipt for the period of August 2017 to August 2018 stood at $5.23bn, out of which $3.74bn was transferred to JV Cash Call as first line charge and the balance of $1.49bn was paid into the Federation Account.
On naira payments to the Federation Account, the report stated that the NNPC tansferred N128.4bn into the account for the month under review.
It also explained that from August 2017 to August 2018, the federation and JV received N879.02bn and N651.4bn, respectively.
Providing further insight into the corporation’s remittances to the national treasury, the NNPC explained that the Federation Crude Oil and Gas Revenue, Federation Crude Oil and Gas lifting, were broadly classified into Equity Export and Domestic crude, which were lifted and marketed by the corporation and the proceeds remitted into the Federation Account.
It stated that Equity Export receipts, after adjusting for Joint Venture Cash Calls, were paid directly into the Federation Account domiciled in Central Bank of Nigeria.
The corporation explained that domestic crude oil of 445,000 barrels per day was allocated for refining to meet domestic products supply and payments were effected to the Federation Account by the NNPC, after adjusting crude and product losses, as well as pipeline repairs and management costs incurred during the period.
The August 2018 NNPC financial and operations report was the 37th in the series.

OIL MONEY: See The Whooping Amount NNPC Transferred To Federation Account In August Alone

Oil business seems to be the shortest way to massive wealth, but it has to be crude oil and not the one for cooking food.

The Nigerians National Petroleum Corporation (NNPC) says it has transferred the sum of N128.40billion into the federation account in August.

The Corporation disclosed this in its monthly Financial and Operational report released in Abuja on Wednesday.

It said that between August 2017 and August 2018, the federation and joint ventures (JV) received the sum of N879.02billion and N651.4billion respectively.

The NNPC explained that the Federation Crude Oil and Gas Revenue, Federation Crude Oil and Gas lifting, were classified into Equity Export and Domestic crude.

It explained that this crude were lifted and marketed by corporation and the proceeds remitted into the Federation Account.

It noted that Equity Export receipts, after adjusting for Joint Venture Cash Calls, were paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).

The corporation explained that domestic crude oil of 445,000 bpd was allocated for refining to meet domestic products supply, and payments were effected to the Federation Account by NNPC.

This, it said was done after adjusting crude and product losses and pipeline repairs and management costs incurred during the period.

On the crude oil and gas export sales, the report noted that sales for the month of August stood at 470 million dollars.

According to the report, the sales indicate an upsurge of about 78million dollars in relation to July oil and gas export figures of 391.91million dollars.

It further indicated that crude oil export sales contributed 337.62million dollars which represented 71.83 per cent of the dollar transactions compared with 283.43million dollars contribution in the previous month.

“Export gas sales during the period amounted to 132.38million dollars.

“The August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth 5.26billion dollars,” it said.

The report explained that based on the above sales figures, a total export receipt of 450.24million dollars was recorded in August 2018 as receipt against 382.65million dollars in July 2018.

“Contribution from crude oil during the period, amounted to 336.43 million dollars, while gas and miscellaneous receipt stood at 101.33million dollars and 12.48million dollars respectively,” the report noted.

A further breakdown of the figures showed that out of the export receipts, 142.31million dollars was remitted to the Federation Account.

The sum of 307.93million dollars was remitted to fund the JV cost recovery for the month of August, 2018 to guarantee current and future production.

“Total export crude oil and gas receipt for the period August 2017 to August 2018 stood at 5.23billion dollars out of which 3.74 billion dollars was transferred to JV Cash Call as first line charge and the balance of 1.49 billion dollars paid into the Federation Account,” it added.

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Buhari deny plans to increase or reduce price of petrol

The President Buhari led Federal Government have announced through the Nigeria National Petroleum Corporation (NNPC) that there are no plans to review the pump price of petrol anytime soon.

There have been reports in the last few weeks that the Buhari administration was looking to reduce the price of petrol in particular with some suggesting that it could be sold for as low N94 per litre. However, the government have since stated that there is no such plan.

The NNPC disclosed this in a statement signed by its spokesman, Mr Ndu Ughamadu, in Abuja, on Tuesday.

He said that though NNPC, since October, 2017, had been the sole importer of PMS into the country, government had no plan to review the market prices of products either upwards or downwards now. He cautioned those spreading falsehood to be wary of the impacts their ignoble act could cause on prices of petroleum products especially petrol as the festive period draws near.

Ughamadu urged members of the public to report any station that sells PMS above the N145 recommended price to the offices of the Department of Petroleum Resources (DPR) nationwide.

“The Department is authorised to monitor and regulate the Industry’s activities,’’ he added. He reiterated the recent statement of the NNPC Group Managing Director, Dr Maikanti Baru, that the corporation had 37 days stock of PMS in the country.

According to him, if not checked, the insinuation of unsubstantiated price review can lead to artificial scarcity and hoarding of products by consumers.

Fuel Scarcity: NNPC warn Nigerians against panic buying, assure of adequate supply

The NNPC has assured that there is enough fuel in the country and that there is no need for panic buying of petroleum products by members of the public.This was disclosed in a statement issued by Mr Ndu Ughamadu, It’s spokesman, in Abuja, on Friday.

This, followed reports of an ultimatum issued by the NUPENG over a purported intervention by an arm of the security agencies in what the union viewed as purely labour matters involving a company and its workers in Delta State.

He added that the corporation’s Group Managing Director, Dr. Maikanti Baru and his Management team, were engaging the parties involved, saying the parties are close to resolving the issues.

Ughamadu in the statement advised motorists and other consumers of petroleum products not to engage in panic buying as the NNPC Management was close to reaching an amicable resolution of the challenge. NNPC assured that the corporation had adequate storage of petroleum products across the country and advised that they should not entertain any fear of petroleum shortages.

 

Just In: NNPC Releases Statement On The Increase Of Petroleum Pump Price, Gives Nationwide Directives

The Nigerian National Petroleum Corporation (NNPC) has denounced reports that it wants to increase the pump prices of petroleum products, especially petrol.
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The NNPC, disclosed this in a statement signed by its Spokesman, Ndu Ughamadu, on Tuesday.
 
He said that although the NNPC, since October 2017, had been the sole importer of petrol into the country, the government has no plans to review the market prices of products, either upwards or downwards, now.
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He cautioned Nigerians against spreading false news, and urged those doing so to be wary of the impacts their behaviour could have on the prices of petroleum products, especially petrol, as the festive period draws near.
 
According to him, if not checked, the rumours of unsubstantiated price review can lead to artificial scarcity and hoarding of products by consumers.
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This, he added, may result in unwarranted queues and suffering of Nigerians at fuel stations.
 
Ughamadu urged members of the public to report any station that sells PMS above the N145 recommended price, to the offices of the Department of Petroleum Resources, DPR, nationwide.
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“The Department is authorised to monitor and regulate the Industry’s activities’’, he added.
 
He reiterated the recent statement of the NNPC Group Managing Director, Maikanti Baru, that the Corporation had 37 days stock of PMS in the country.
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He added that the Corporation has mapped out strategies to ensure that Nigerians have a hitch-free festive period.

NNPC, Others, Mentioned, As $22 Billion, N481 Billion, Go Missing Under President Buhari’s Watchful Eyes – SEE FULL BREAKDOWN

The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Nigerian Petroleum Development Company (NPDC) and other companies in the oil and gas sector, are yet to remit a total revenue of $22.06 billion and N481.75 billion, to the Federation Account.
The latest report on the summary of unremitted revenue, losses, and unreconciled differences from operations and transactions in the oil and gas sector, released in Abuja, on Monday, by the Nigerian Extractive Industries Transparency Initiative, NEITI, showed that the NNPC alone is yet to remit a total revenue of $19.04 billion and N424.57 billion.
 
Providing a breakdown of the unremitted revenues by the other firms, the report stated that oil and gas producing companies are still withholding $152.69 million and N5.2 billion; companies involved in offshore processing contracts, $498.6 million; and NPDC, $2.38 billion and N51.95 billion.
The NEITI report, stated that the total losses to the Federation arising from crude oil production, processing, and transportation, was $3.04 billion and N60.99 billion.
 
It said that the unreconciled differences arising from the allocation, sale, and remittance of proceeds from domestic crude allocated to the NNPC, was N317.48 billion.
Reacting, Peter Egbule, national coordinator of Publish What You Pay Nigeria, blamed regulatory lapses, weak institutions, determination by entities and individuals to divert public fund and the inability of government to act proactively.
 
He said while the Petroleum Industry Bill remains key to addressing the issues, the Federal Government must strengthen regulatory frameworks and show political will towards fighting corruption and blocking leakages in the oil sector.
Meanwhile, oil prices slid yesterday as Russia signaled output would remain high. Losses, however, were limited ahead of the United States’ sanctions on Iranian exports. The sanctions are expected to reduce supplies when they come into effect in just under a week.
 
Brent crude futures fell 12 cents to $77.50 a barrel while US West Texas Intermediate (WTI) crude lost 30 cents to $67.29 a barrel. Oil prices also fell about $10 a barrel since four-year highs reached in early October.
But Nigeria’s Minister of State forImage result for Ibe Kachikwu Petroleum Resources, Ibe Kachikwu in an interview in London yesterday said the Organisation of Petroleum Exporting Countries (OPEC) is likely to keep prices at $70 per barrel when it meets in December. He described $70 as the “comfort level for us and everybody,” saying he would be surprised to see anything dramatic.
 
Russian Energy Minister Alexander Novak said on Saturday that there was no reason for Russia to freeze or cut its oil production levels, noting that there were risks that global oil markets could face a deficit.
 
OPEC, led by Saudi Arabia and non-OPEC member, Russia, agreed in June to lift oil supplies, but OPEC signaled last week that it might have to re-impose output cuts as global inventories rise.
 
“When the Russians start talking about keeping the production levels high and even the possibility that they need to increase it because of a possible tightness in supply, that brought on some selling pressure,” Reuters quoted Gene McGillian, director of market research at Tradition Energy in Stamford, Connecticut, as saying.
Industrial commodities such as crude and copper have also been rattled by hefty losses in global equities due to concern over corporate earnings and fears over the impact to economic growth from escalating trade tensions, as well as a stronger dollar.

CORRUPTION!!! NNPC, Others, Mentioned, As $22 Billion, N481 Billion, Go Missing Under Buhari’s Watchful Eyes – SEE FULL BREAKDOWN

The Nigerian National Petroleum Corporation, NNPC, and its subsidiary, the Nigerian Petroleum Development Company, NPDC, and other companies in the oil and gas sector, are yet to remit a total revenue of $22.06 billion and N481.75 billion, to the Federation Account.

The latest report on the summary of unremitted revenue, losses, and unreconciled differences from operations and transactions in the oil and gas sector, released in Abuja, on Monday, by the Nigerian Extractive Industries Transparency Initiative, NEITI, showed that the NNPC alone is yet to remit a total revenue of $19.04 billion and N424.57 billion.

Providing a breakdown of the unremitted revenues by the other firms, the report stated that oil and gas producing companies are still withholding $152.69 million and N5.2 billion; companies involved in offshore processing contracts, $498.6 million; and NPDC, $2.38 billion and N51.95 billion.

The NEITI report, stated that the total losses to the Federation arising from crude oil production, processing, and transportation, was $3.04 billion and N60.99 billion.

It said that the unreconciled differences arising from the allocation, sale, and remittance of proceeds from domestic crude allocated to the NNPC, was N317.48 billion

$3.5bn Unappropriated NNPC’s Subsidy Recovery Fund’s Investigation,Begins By Senate

The Nigerian Senate on Tuesday began an investigation into the $3.5 billion spent under the ‘Subsidy Recovery Fund’ of the Nigerian National Petroleum Corporation (NNPC). A point of order raised by the Senate Minority Leader, Senator Biodun Olujimi, cited a ThisDay article on the $3.5 billion earmarked as subsidy recovery funds by the NNPC.

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“I bring before this chamber this very important issue of national importance. It has to do with an article published in today’s ThisDay newspaper and it deals with the $3.5billion earmarked as subsidy recovery funds by the NNPC.

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“Mr. President, since 1999, there has always been a budget for subsidy, however, this has been jettisoned by the current government, which leaves this administration in a very dire strait. “What is happening now is that there is a fund named the ‘Subsidy Recovery Fund’ and it is being managed by only two individuals in the NNPC: the Managing Director and the Executive Director on Finance.

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“This fund is too huge for two people to manage, and right now, the $3.5billion is too huge to be managed without appropriation without recourse to any known law of the land. “You remember Mr. President that following the passage of the budget, you mentioned in your remarks, that there should be a budget for the subsidy and it should be brought before the National Assembly — that has not been done.

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“What has happened is that by the report of ThisDay newspaper, it is almost certain that $3.5billion is a slush fund which is just being managed by just two individuals — and that is not correct.
“I want to urge the Senate to cause the Committee on Downstream, Chaired by Senator Marafa, to compel the NNPC to come before the Senate Committee and explain why this is so. Nigerians need to know what has happened to the funds that have been used so far — and the new terminology that is being used under subsidy recovery,” Olujimi said.

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Responding, the President of the Senate, Dr. Bukola Saraki, reminded the Senate that he had called for the executive to submit its petroleum subsidy budget to the National Assembly, when the 2018 budget was passed in May. “Distinguished Colleagues, when we passed the budget, I said that there was a need for the executive to bring forward the budget for the subsidy.

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“In light of the enormity of the issues before us — where we are talking about a subsidy of almost $3.5 billion — I would like to direct that the Senate Leader and the Chairman of the Committee of the Downstream, should urgently summon those in NNPC who are responsible for this. We must look into this matter and report back to the Senate plenary by next week, where the Committee will have a report that we can debate.

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“On this issue, I do not want us to be speculative. Let us go by the facts, so that our contributions are not seen to be partisan. This matter is too serious for us to be partisan about it. “A lot of us have been around long enough to know how this matter should have been treated. Now, it has gotten to a level where it involves over $3 billion — which is not a small amount of money.

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“With the leave of my colleagues, if we all accept, we direct the Leader and the Chairman of the Downstream Committee, to look into this matter and report to the Senate by next week,” he said.

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COMMOTION at the Senate, is Saraki loosing control of NASS already?

Questions are being raised by Nigerians as to wether the President of the senate has lost control of the house as the house was turned into a communal clash following  move by Some senators to institute a probe into the alleged payment of $3.8bn fuel subsidy by the Nigerian National Petroleum Corporation (NNPC).

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that the drama in the upper chamber began after a point of order was raised by the Senate minority leader, Senator Biodun Olujimi, citing a report in a newspaper that $3.5bn was earmarked as subsidy recovery funds by the Nigerian National Petroleum Corporation (NNPC).

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The lawmaker said despite attempts to compel the leadership of NNPC to submit a proper budget to the National Assembly on subsidy payment, it has instead, opted for an illegal fund not approved by the parliament.

BMO seeks Kukah’s withdrawal from National peace C’ttee “I need to bring this issue to the attention of the Senate. The NNPC is operating an illegal fund on subsidy. As a Senate, we are the true representatives of the people. We cannot sit back and allow this to happen,” Olujimi said.

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“I am bringing this to the attention of the Senate so that we can look at the issue. Let the various committees, especially the Senate Committee on Petroleum (Downstream), look into this issue. Let them investigate and tell us what the position on the ground is.” She was also supported by Senator Ali Ndume, who asked the Senate leadership not to include the Senator Kabir Marafa-led petroleum on downstream committee in the proposed probe of NNPC.

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The Borno senator alleged that the downstream committee might have been compromised in the line of duty. But Senator Marafa faulted the allegations against his committee, noting that he felt insulted by the claims that his committee might have been compromised.He accused those advocating for an adhoc committee be set up in place of his standing committee, of trying to generate campaign funds ahead of their elections in 2019. He called on Ndume to withdraw the statement and tender an apology.

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The lawmaker also defended NNPC and claimed that the allegations were false. “I feel insulted. If the Selection Committee agrees today to dissolve our committee, I will not have any problem with that. They have the right to do that. But for anyone to just accuse of us that we have been compromised, I think it is an insult.

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“I know that those advocating that an adhoc committee be set up to investigate the issue, are out to generate campaign funds for their election next year. They are free to do so. I will not stop them. But no one should malign us and accuse us of compromise.” Normalcy however, returned to the House after Ndume eventually apologised and withdrew his statement.

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Marafa also withdrew his statement and apologised to his colleagues for his outburst. Meanwhile, the president of the Senate, Bukola Saraki, on Tuesday, October 16, evaded pressures from members of the upper chamber to summon the Inspector General of Police (IGP), Ibrahim Idris, over the level of insecurity and murder of Hauwa Liman.

At the sitting, it was reported that a point of order was raised by Ike Ekweremadu, the deputy president of the Senate, who urged the chamber to look into the gruesome killing of a Red Cross staff, Hauwa Liman, by the Boko-haram terrorist group. In his contribution, Dino Melaye asked the chamber to summon IGP Idris. Melaye reportedly berated the Muhammadu Buhari-led administration accusing it of being incompetent in providing security for the citizens.

Check out Senate conclusion on the $3.5billion unappropriated ‘Subsidy Recovery Fund’ in NNPC [See Video]

The Nigeria Senate began an investigation into into the $3.5billion spent under the ‘Subsidy Recovery Fund’ of the Nigerian National Petroleum Corporation (NNPC), in which they reach a conclusion before going on other matter of the day.

A point of order raised by the Senate Minority Leader, Senator Biodun Olujimi, cited a ThisDay article on the $3.5billion earmarked as subsidy recovery funds by the NNPC.

Senate Minority Leader, Senator Biodun Olujimi said: “I bring before this chamber this very important issue of national importance. It has to do with an article published in today’s ThisDay newspaper and it deals with the $3.5billion earmarked as subsidy recovery funds by the NNPC.”

“Mr. President, since 1999, there has always been a budget for subsidy, however, this has been jettisoned by the current government, which leaves this administration in a very dire strait.

“What is happening now is that there is a fund named the ‘Subsidy Recovery Fund’ and it is being managed by only two individuals in the NNPC: the Managing Director and the Executive Director on Finance.

“This fund is too huge for two people to manage, and right now, the $3.5billion is too huge to be managed without appropriation without recourse to any known law of the land.

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“You remember Mr. President that following the passage of the budget, you mentioned in your remarks, that there should be a budget for the subsidy and it should be brought before the National Assembly — that has not been done.

“What has happened is that by the report of ThisDay newspaper, it is almost certain that $3.5billion is a slush fund which is just being managed by just two individuals — and that is not correct.

“I want to urge the Senate to cause the Committee on Downstream, Chaired by Senator Marafa, to compel the NNPC to come before the Senate Committee and explain why this is so. Nigerians need to know what has happened to the funds that have been used so far — and the new terminology that is being used under subsidy recovery,” Senator Olujimi said.

Responding, the President of the Senate, Dr. Abubakar Bukola Saraki, reminded the Senate that he had called for the executive to submit its petroleum subsidy budget to the National Assembly, when the 2018 budget was passed in May.

“Distinguished Colleagues, when we passed the budget, I said that there was a need for the executive to bring forward the budget for the subsidy.

“In light of the enormity of the issues before us — where we are talking about a subsidy of almost $3.5billion — I would like to direct that the Senate Leader and the Chairman of the Committee of the Downstream, should urgently summon those in NNPC who are responsible for this. We must look into this matter and report back to the Senate plenary by next week, where the Committee will have a report that we can debate.

“On this issue, I do not want us to be speculative. Let us go by the facts, so that our contributions are not seen to be partisan. This matter is too serious for us to be partisan about it.

A lot of us have been around long enough to know how this matter should have been treated. Now, it has gotten to a level where it involves over $3billion — which is not a small amount of money.

“With the leave of my colleagues, if we all accept, we direct the Leader and the Chairman of the Downstream Committee, to look into this matter and report to the Senate by next week,” the Senate President said.