You may remember the case of the Nigeria National Petroleum Corporation, NNPC, withdrawing over a billion dollars from NLNG dividend account to pay for fuel subsidy.

Senators believe this was illegal and that the money was not appropriated for before the corporation spent it.

But the NNPC insists it has done no wrong because there is a law that empowers it to make such withdrawal without recourse to legislative approval.

The corporation insisted in a statement on Thursday that there was nothing illegitimate about the withdrawal of $1.05 billion from the Nigerian LNG dividends account.

The corporation said the money was withdrawn in public interest in that it was used to support the importation of petrol, which is highly subsidised at the rate of 145 Naira per litre.

Also Read: #BounceRewind2018: Top 4 Issues That Shaped Nigeria’s Economy In 2018

According to data, petrol is supposed to be sold at a rate of at least 220 Naira per litre but it currently sells at 145 Naira.

The Chief Financial Officer of the NNPC, Mr Isiaka Abdulrazaq, said the reduced price was because the Federal Government, through the NNPC, tried to make the fuel affordable and available to Nigerians by paying the under-recoveries.

It said Section 7 of the NNPC Act empowered it to make the withdrawals from the NLNG dividend account.

The Senate had in November begun an investigation into the alleged diversion of $1.05 billion Naira from the NLNG dividends account by the NNPC.

However, the NNPC CFO, Abdulrazaq, said no money was diverted, explaining that the corporation met with the Senate Committee on Gas recently and provided the information requested by the committee.

Don't forget to share this story with your friends.

Also Watch: