Senate orders nnpc to stop further capital expenditure

You're referring to a recent development in Nigeria!

On July 14, 2022, the Nigerian Senate ordered the Nigerian National Petroleum Company Limited (NNPC) to stop further capital expenditure until it provides a comprehensive report on its financial activities and accounts.

The Senate's decision was made after a motion was moved by Senator Bassey Akpan, who expressed concerns over the alleged mismanagement of funds by the NNPC. The motion was supported by other senators, who argued that the NNPC's financial activities were not transparent and that the company had failed to provide adequate information on its operations.

The Senate's order is a significant development, as it highlights the growing concerns over the NNPC's financial management and accountability. The NNPC is a critical institution in Nigeria's economy, and its financial activities have a significant impact on the country's budget and development.

The NNPC has been criticized in the past for its lack of transparency and accountability, and this latest development is a clear indication that the Senate is determined to hold the company accountable for its actions.

It remains to be seen how the NNPC will respond to the Senate's order, but it is clear that the company will need to provide a comprehensive report on its financial activities and accounts in order to justify its continued expenditure.

In the meantime, the Senate's decision is likely to have significant implications for the NNPC's operations and the broader Nigerian economy.