ANOTHER 246MIL DOLLARS MISSING FROM OIL SECTOR AS NASS RAISES ALARM

– Just as the dust raised by the recovery of huge sums from Andrew Yakubu, the former NNPC boss was yet to settle, the Senate is raising another case of missing fund

– The upper legislative house has ordered the National Petroleum Investment Management Services (NAPTIMS) to account for a missing $246 million

The Senate has reportedly discovered a missing $246 million in the National Petroleum Investment Management Services (NAPTIMS).

The Senate is asking NAPTIMS to account for the missing $246m.

The upper legislative chamber is therefore asking the agency to account for the fund believed to be the balance from the 2016 budget which set aside by the Nigerian National Petroleum Corporation (NNPC) for gas infrastructure.

The Nation reports the Senate as saying that the NNPC had released a total of $446 million to NAPTIMS for the development of gas infrastructure in 2016 but that only $132 million was extended.

The group managing director of NAPTIMS, Dafe Sejebor, appeared before the Senate joint committees on Gas, Petroleum, (Upstream and Downstream) to defend the 2017 budget of the NNPC’ s Upstream sector.

The report said the joint committees insisted that NAPTIMS must provide details of the outstanding amount so as to make it easy to approve the 2017 budget proposal of the NNPC’s subsidiary.

Albert Bassey Akpan, the chairman of the Senate committee on gas resources, reportedly slammed the agency for unilaterally moving funds from one budgetary subhead to another subhead without recourse to the National Assembly.

“It is the constitutional responsibility of the National Assembly to vire funds from one subhead in the budget to another.

“So it is wrong for the company to have moved funds meant for gas infrastructure projects to another subhead,” he said adding that the company abused due process when it presented its 2016 budget performance to the committee.

According to Akpan, a budgetary balance of $1.8 billion was carried over from 2015 to 2016, while the sum of $ 3.8 billion was provided for in 2016 out of which the agency spent $4.2 billion leaving a huge balance.

 

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