Senate panel seeks liquidation of NNPC

The Senate committee on Finance on Tuesday recommended the liquidation of state-run oil firm, the Nigeria National Petroleum Corporation (NNPC) over huge funds unaccounted for. A member of the committee, Senator Yusuf Abubakar Yusuf, lamented financial leakages being perpetrated by revenue generating agencies as part of the reason why budgets are not properly funded.

The lawmaker who spoke at the budget defence of the Ministry of Finance wondered if NNPC had been cooperating with relevant agencies in disclosing its financial dealings. He said there was no doubt that NNPC has become a drain pipe doing what it chooses without respect to any authority. Yusuf said: “We are talking about leakages.

Is the NNPC cooperating? Why can’t we liquidate NNPC? It is better we liquidate NNPC because it is no longer relevant. They do not respect anybody; they do not respect us. NNPC has become a drain pipe that should be liquidated.”

Photo Caption: NNPC LOGO