PROPOSED $1.5 BILLION NNPC LOAN: NIGERIANS STUDENTS ARE IN DOUBT OF THE SINCERITY OF THIS PROCESS AND WE ARE NOT COMFORTABLE WITH IT. THEREFORE, WE WANT THE LOAN DEAL TO BE STOPPED.

The Honorable Speaker,
Federal House of Representative,
Three-arm zone,
Abuja.

Honorable Speaker,

PROPOSED $1.5 BILLION NNPC LOAN: NIGERIANS STUDENTS ARE IN DOUBT OF THE SINCERITY OF THIS PROCESS AND WE ARE NOT COMFORTABLE WITH IT. THEREFORE, WE WANT THE LOAN DEAL TO BE STOPPED.

The recent proposal of the National Petroleum Corporation NNPC to secure a loan facility in order to offset its debt has become a serious concern to Nigerian Students.

Base on the information at our disposal, we learnt that the corporation is to seek the said loan to offset its debt and stake fifteen thousand barrels of its crude oil production per day as collateral.

Sir, having appraised the issue critically, some of the fundamental issues we have raised among ourselves are:

1 That NNPC has not given the details upon which the said debt was incurred, the amount and the circumstances surrounding the debt.

2 That the endemic corruption in NNPC cannot make us to have confidence in the corporation obtaining loan as the loan could end up in wrong hands. Therefore, the government should be courageous enough to tackle headlong corruption in NNPC

3 That despite the controversies that trailed the Nuhu Ribadu led presidential task force committee on petroleum and the shocking revelations made through the reports, there were deliberate attempts made to frustrate the report which has led to the report being jettisoned.

4 Also, it is our position that if the management of NNPC and the federal government want to be sincere to the Nigerians, the number of barrels of oil lost daily (180 thousand barrel daily) to bunkering and other illegal activities and corruption within a year is enough to raise the proposed loan contrary to the proposed time of five years the loan is to be paid.

It is therefore the position of Nigerians Students that the loan is uncalled for as it is just a conduit pipe by the cabals in government to siphon the resources of the nation and plunge the nation into another Paris club debt.

In view of this, Nigerian Students plead with the House of Representative to use every means at its disposal to stop this unprofitable venture that NNPC is to embark upon as there are no convincing and justified reasons why the loan should be taken.

While we remain confident of your office and the entire members of the House, be assured of our maximum cooperation.

Yours faithfully,

Adelu Monehin James (Bobby)
President,
National Association of Nigerian Students