Bill To Bar NNPC From Obtaining Loans For Second Reading In House Of Reps

nigeria_reps_in_first_sessionThe House of Representatives has commenced moves to debate on a bill which seeks to stop the Nigerian National Petroleum Corporation, NNPC, from seeking loans without the prior consent of the National Assembly.

The bill sponsored by Raphael Igbokwe, is titled: “The bill for an Act to amend the NNPC Act to ensure approval of the National Assembly is sought before any loan is obtained”.

The bill is expected to be tabled on the floor of the House for second reading once lawmakers resume from the Eid- el- Kabir break.

The bill seeks to amend NNPC Act, Cap. 123LFN 2004 by adding a new sub-section (6) which provides that: “The President shall cause the estimate submitted in pursuance of section (5) of this section, to be attached as part of the Appropriation bill to be submitted to the National Assembly”.

It also seeks to amend Section 8 by including the phrase “provided the aggregate of such loans do not exceed the limit as approved by the National Assembly”.

According to the sponsor of the bill, Rep. Igbokwe (PDP, Imo), “the bill seeks to enhance financial and fiscal discipline by ensuring that all loans are approved by the National Assembly before they are secured”.

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