The National Assembly Joint Committee on Petroleum (Upstream) yesterday berated the management of the Nigerian National Petroleum Corporation (NNPC) over its inability to defend its 2011 budget of N1.35trn ($8.722 billion).
The joint committee led by Senator Emmanuel Paulker further rejected the submission of the NNPC and asked it to produce a more detailed defence by noon today.
This comes against the background of the National Assembly’s insistence that the 2012 budget might not be passed until certain federal agencies, including the Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and the NNPC among others, present their financial profiles for detailed scrutiny.
Presenting the NNPC financial records for the first time in 35 years of its existence, the NNPC Group Managing Director, Mr. Austin Oniwon, represented by Group General Manager of National Petroleum Investment Management Services (NAPIMS), Mr. Morrison Anthony Fiddi said the agency achieved “125 percent performance on behalf of government overall,” but that on the 2011 budget they attained 88 percent performance.
Fiddi, stated that this was despite the cut in NNPC’s request for $10.553 billion in its budget, to the $8.722 billion approved for the year.
“For 2011, we requested for $10.55b but $8.722 billion was approved. In totality, the performance for 2011 was 88 percent. The security issue in 2011 affected our operations in the Niger Delta.”