January 11, 2013 by Sodiq Oyeleke

The Coalition Against Corrupt Leaders has faulted the Nigerian National Petroleum Corporation for the $1.5bn foreign loan from local and international banks.

The NNPC reportedly took the loan to settle unpaid fuel supply bills owed some commodity trading houses.

In a statement on Thursday, Executive Chairman of the Coalition, Debo Adeniran, said the loan was a ploy to waste the nation’s resources and enrich a few individuals.

He said, “This foreign loan is another way to corner our common patrimony into private hands. What older loans are they settling? Does it mean the nation still owes subsidy payments, whereas huge amount was appropriated for the same purpose last year and the masses were made to believe that the appropriated money would be enough to pay fuel suppliers and settle old debts?”

Adeniran wondered how such quantity of fuel was consumed in the country, urging the nation’s leaders to be transparent in their dealings.