$1.5bn Fuel Debt Loan By NNPC Illegal – NASS

Both chambers of the National Assembly yesterday separately faulted the $1.5 billion loan reportedly secured by the Nigerian National Petroleum Corporation (NNPC) to pay off debt owed international fuel traders.

The lawmakers described the loan as illegal because it was not approved by the National Assembly.

But the NNPC has said it operated within the law in borrowing the $1.5 billion (about N240 billion) from foreign banks to pay its debts to international fuel traders.

Responding to inquiries, Senate spokesman Enyinnaya Abaribe made it clear that the National Assembly did not approve the NNPC loan, adding that “under the law, no government agency can borrow money without the approval of the National Assembly. We have to know if that was done first”.  …Read More

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