NAPIMS’ $11m expenditure shocks Senate panel


Members of the Senate Committee on Petroleum (Upstream) were yesterday shocked when management of the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the Nigeria National Petroleum Corporation (NNPC) reported that it spent $9m on staff transfers in its 2016 budgetary allocation, The Guardian reports.

It also spent another $2m for maintenance of vehicles out of its 2016 budgetary allocation of $171m. This infuriated the committee led by its Chairman, Senator Tayo Alasoadura (APC Ondo Central), who immediately demanded a breakdown of the $171m budget profile.

But the General Manager of NAPIMS, Engineer Catherine Ngozi Ihemewho, told the committee that the annual budget of the agency was always broken into capital and operating expenditure as stated in its 2016 budget performance document forwarded to the committee.

She said out of the $171m 2016 budget, $17.7m was for capital expenditure while $154m was meant for operating expenditure from where the $9m cost of staff transfers and $2m for vehicle maintenance were taken.