House of Reps proposes new law on full NNPC revenue disclosure

Nigeria’s House of Representatives is considering a law on full disclosure on crude oil revenue collections by the Nigerian National Petroleum Corporation NNPC and all its subsidiaries in ordr to enhance transparency and accountability.

The Committee on Public Accounts on Thursday said this while grilling the Chief Executive Officers of Nigeria Airspace Management Agency NAMA, the Federal Airports Authority of Nigeria FAAN and the Nigerian National Petroleum Corporation NNPC on the non rendition of their annual audited accounts by the Auditor-General of the Federation to the Committee.

Chairman of the Committee, Oluwole Oke said the NNPC should be more circumspect in its revenue drives and should render its accounts as and when due, adding that all the agencies under it have not fully divulged their revenue and expenditure profiles to the Auditor General for over five years.

However, the Group Managing Director GMD of NNPC, Mele Kyari who was represented by the Executive Director Finance, Umaru Jiya immediately submitted to the committee the requested five-year audited accounts of the NNPC .

He told the lawmakers that crude oil sales and oil revenues were adversely affected by the Covid-19 Pandemic and other operational challenges.

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