House of Reps approve $1bn loan facility for NNPC

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The House of Representatives, on Tuesday 8 2014 approved the 1.56 billion dollars loan facility proposed by the Nigerian National Petroleum Corporation (NNPC).

The resolution followed the adoption of the report on the proposed loan by the Committees on Petroleum Resources, Upstream and Downstream, Loans and Debts, and Justice.

The House also urged the Ministry of Petroleum Resources and NNPC to forward details of the composition and structure of the Petroleum Support Fund (PSF) to the appropriate committees of the National Assembly.

The House also urged the NNPC to be cautious and to always follow laid down procedures in dealing with assets of the Federation, especially when contingent liabilities may arise from the dealing.

It urged the NNPC to exploit alternative means of boosting its revenue and should formally brief appropriate committees of the National Assembly, before concluding the second tranche of the sale agreement being contemplated.

According to the house, the NNPC should streamline its operations to eliminate waste and increase operational efficiencies and more degree of transparency.

It called on the NNPC to collaborate with stakeholders to develop a road map for offsetting its huge indebtedness.

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