PTDF Bankruptcy Doubted

The Senate Committee on Petroleum Resources (Upstream), urged the management of the Petroleum Technology Development Fund to provide details of its earnings in the last five years and a full list of its portfolio investments.

emmanuel_paulkerDr. Oluwole Oluleye, PTDF Executive Secretary, had told the committee that the agency would be completely bankrupt within the next few months except the Federal Ministry of Finance paid it the N57bn 2013 budget backlog.

He also added that non-payment of this amount could deprive Nigerian students of PDTF scholarships and could lead to inability of PDTF to pay workers salaries in the past two month.

The PTDF head explained the situation: the multi-billion dollar statutory “signature bonus” payments had been withheld from PTDF over the years.

However, Senator Emmanuel Paulker, the committee Chairman, alleged that the agency had “several portfolio investments and other sources of income, shrouded in secrecy.”

He also noted that PDTF anticipatory budgeting practice was criminal and negated the procurement Act.

He said, “What happened to your investments and portfolio? You cannot say because signature bonuses have not been paid, you are suddenly broke and cannot pay salaries and fund scholarship abroad.”

“I think it is an indictment on the PTDF and you are being economical with the truth. A situation where you begin to beg foreign universities over inability to pay fees is embarrassing to the Nigerian government.”

Also, members of the committee on the occasion, queried why the PTDF declared N123,205,016.77 in “Excess of Income/(Expense) Over Expenditure” but claimed inability to pay workers salaries and meet sundry financial obligations.

PTDF is given a seven day deadline to provide the required information.