The House of Representatives has directed the Nigerian National Petroleum Company Ltd, NNPCL, to halt its crude for loan plan.
The ad hoc Committee probing alleged mismanagement in the oil sector believes the plan will deplete the nation’s revenue, but another group of legislators are against calls for the sack of the heads of NNPCL and NMDPRA.
The joint committee of the House on Petroleum DownStream and midstream says it has gotten an alleged plot by the national oil company to borrow an additional $2 billion in crude oil-backed loans from international creditors to boost its financial inflow.
It therefore called on NNPCL not to undermine the ongoing forensic probe by the House of Representatives with a fresh loan.
The committee described the alleged plan as a threat to President Bola Tinubu’s efforts to ensure local refineries have crude for their refining processes.
Meanwhile, a group of about 50 members are against calls for the sack of the Chief Executive Officers of NNPCL and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA.
The lawmakers insist calls for their removal over alleged wrongdoing is premature, especially when investigations have not been concluded.
They say the call for their sack is against parliamentary ethics.
