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Senator Gaye Wants Govít Shoulder Liabilities Of NOCAL
Date Uploaded: Sep 10, 2015

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Senator Gaye Wants Gov’t Shoulder Liabilities Of NOCAL
By Wilfred Gortor, LINA

MONROVIA, September 9 (LINA) – The government through the Ministry of Finance and Development Planning (MFDP) should provide funding for the National Oil Company of Liberia (NOCAL) to continue its operation because NOCAL is a government entity, a member of the Liberian Senate has said.

Grand Gedeh County Senator Alphonso Gaye made the statement on the Senate’s Second Day Extraordinary Sitting of the Fourth Session of the 53rd Legislature at the Capitol Building on Tuesday.

His statement was in support of a senate committee recommendation calling for the Ministry of Finance to provide financial aid to NOCAL amidst the company’s current financial crisis.

The recommendation, which was earlier countered by several senators, including Senators Varney Sherman and Prince Johnson of Grand Cape Mount and Nimba Counties respectively, was then explained by Gaye who maintained that the liabilities of NOCAL can only be paid by government since the entity is a property of the government.

“The Ministry of Finance should render financial assistance to NOCAL; the company is a government entity, therefore it is the responsibility of the government to pay the company’s liabilities,” Gaye indicated.

For his part, Margibi County Senator Oscar Cooper suggested that a fiscal impact analysis should be conducted by the MFDP to unveil what financial impact it will have on the government to provide funding for NOCAL.

According to him, the current financial crisis at NOCAL is a collective responsibility which should be shouldered by the entire government, noting that “We ourselves must also take the responsibility.”

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