Home Energy Lawmakers task NNPC to raise N10trn funding for 2020 budget

Lawmakers task NNPC to raise N10trn funding for 2020 budget

Nigeria to hold oil licensing round by mid-2020 – NNPC

From Jonas Ezieke, Abuja

The House of Representatives Committee on Petroleum Resources Upstream has asked the Nigerian National Petroleum Corporation (NNPC ) to step up its operations in order to raise the N10 trillion needed by the federal government to fund the 2020 budget.

Chairman of the House Committee Hon. Musa Sarki Adar made the appeal to the Group Managing Director GMD of NNPC Mallam Mele Kolo Kyari when he appeared to interface with the lawmakers on the operations of the agency in the upstream petroleum sector.

The lawmaker who wondered why Nigeria is always having a deficit budget with the quantum of petroleum it produces called on the NNPC to generate more revenue for the country.

According to him, with this formal engagement with NNPC and other agencies, there is the need to pluck all the loopholes in the revenue profile of the agency for the benefit of Nigeria citizens.

The GMD in his response said that there are challenges in the oil sector and the present management of NNPC is working to engender efficiency in all its operations

He also appealed to the lawmakers to help put in place relevant legislations that would help in attracting foreign investment into the petroleum sector.

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