Contrary to the report published by Premium Times that Buhari’s govt. illegally diverted N378billion NLNG dividend, National Economic Council (NEC) and the Federation Allocation Accounts Committee (FAAC) approved the Nigerian National Petroleum Corporation’s (NNPC) use of Nigeria Liqueifed Natural Gas (NLNG) dividends for financing petrol subsidy.

NAN reports that a member of FAAC, who chose not to be named, said Maikanti Baru, group managing director, NNPC, briefed the council and the committee before the fund was used.

Baru had explained that the corporation received a dividend payout of $1.05 billion as a major shareholder of the NLNG with 49 percent stake.

On Tuesday, the senate set up an ad hoc committee to investigate the matter.

According to documents published by Premium Times, the dividends were paid to the state oil firm during the fuel scarcity crisis that lasted between December 2017 and January 2018.

A source in the Central Bank of Nigeria (CBN) also told NAN that NNPC obtained $1.05 billion as a revolving loan, to pay for subsidy in 2018.

He said Section 7 of the NNPC Act empowers the corporation to defray costs from its revenue.

The CBN source explained that the NNPC had fully complied and had implemented the approved treasury single account (TSA) laws in utilising the money, which is domiciled in the apex bank’s account.

According to him, the fund is managed by inter-governmental agencies including the ministry of petroleum resources, ministry of finance, the department of petroleum resources, and the petroleum equalisation fund.

He said it was “unfortunate” for anybody to accuse the NNPC of misappropriating the fund.

“There is nothing like 3.5 billion dollar subsidy claim; it is not true and it is also false alarm that the NNPC was mismanaging such account, the dividends of NLNG as we know is being properly managed,” the source was quoted as saying.

Commenting on the allegations against the NNPC, Ndu Ughamadu said the corporation operates a “regime of under recovery” since it is only the national assembly that can appropriate on fuel subsidy.

The NNPC spokesman said dividends from the NLNG were paid into an account managed by the corporation, as a major shareholder in the business.

https://www.thecable.ng/report-nec-faac-approved-use-of-1bn-nlng-dividend-for-subsidy-payment/amp?__twitter_impression=true

Finally we know how Buhari is funding his 2019 re-election. Remember the subsidy was a scam before he took office in 2015?

Buhari indeed runs the most transparent and accountable government since the inception of the fourth republic

socialmediaman:
Finally we know how Buhari is funding his 2019 re-election. Remember the subsidy was a scam before he took office in 2015?

Don't pretend you understood what the reported say.. There is no offence in booking space and proceeding to read others comments. Ndalu...

socialmediaman:
Finally we know how Buhari is funding his 2019 re-election. Remember the subsidy was a scam before he took office in 2015?

Will you shut you Igbotic hate filled bigoted mouth

Anuofia !

This Is Niger Delta Money That Is Stollen By Greedy People. This Country Must Be Restructure.

Premium times wanted a sensational story and they created one. The fact that they ran the story with such a fraudulent headline that could be easily misconstrued by many people who hardly read beyond headline says a lot about the platform. At least, we now know premium times lied in the report since NEC and FAAC approved the use of the NLNG dividend for subsidy payment.

The above explanation notwithstanding, FG should have sought the approval of National assembly before the money was used. I don't support extra budgetary spending as it can be easily abused.