Margibi County Senator Oscar Cooper has said the financial crisis at the National Oil Company of Liberia (NOCAL) should be the “collective responsibility” of the entire government, including the National Legislature.
“We ourselves must also take the responsibility,” he said during the second day Extraordinary Sitting of the Fourth Session of the 53rd Legislature at the Capitol Building Tuesday.
According to Cooper, the National Legislature has oversight responsibility to ensure check and balance within all state-owned public corporations for transparency and accountability in their operations.
He regretted that this was, however, not the case with NOCAL, thereby resulting to the financial crisis that adversely led the oil rich entity to bankruptcy.
He then suggested that a fiscal impact analysis be conducted by the Ministry of Finance and Development Planning (MFDP) to unveil what financial impact it will have on the government, if it provides funding for NOCAL.
For his part, Grand Gedeh County Senator Alphonso Gaye suggested that the government, through the Ministry of Finance, should provide funding for NOCAL so that it can continue operating.
The Grand Gedeh Senator’s statement was in support of a senate committee’s recommendation calling for the Finance Ministry to provide financial aid to NOCAL amidst the company’s current financial crisis.
Gaye maintained that NOCAL’s liabilities can only be paid by government since it is government-owned.
“MOF 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 stressed.