The Senate Committee on Petroleum said the Minister of State for Petroleum, Dr Ibe Kachikwu, did not go against the law in the restructuring of the Nigeria National Petroleum Corporation (NNPC).
Its Chairman, Senator Tayo Alasoadura, spoke after meeting with Kachikwu at the National Assembly in Abuja on Thursday.
Alasoadura said that the explanation given by Kachikwu was satisfactory.
He said the restructuring would cut down losses being experienced by the corporation.
“He is working in the best interest of Nigeria. Now that the price of oil is going down, if we do not restructure, we might run into more problems as a country,” Alasoadura noted.
“Why we invited him was to be sure that the law was not contravened and we are convinced.
“From figures made available to us, NNPC in recent times lost about N30 billion monthly, but because of the restructuring, it lost only N3 billion, last month.
“The minister assured that the restructuring when completed, will help to end any form of loss.
“The only problem we had was that we were not consulted and the Minister of State adequately apologised.”
The committee will brief the Senate during next plenary.
