The House of Representatives is to investigate the reasons responsible for Nigeria losing about 7.6 trillion Naira crude oil revenue to international oil companies.
In a motion sponsored by Rep. Sunday Katung, lawmakers were informed that the loss, which is from 1993, is partly due to government’s failure to implement the deep offshore and inland basin products sharing contracts act.
The ad-hoc committee, which will investigate the matter, is also expected review the products sharing contracts act, the joint operating agreement and other relevant agreements necessary to regularize all the anomalies that led to the loss of revenue.
On Wednesday, the House summoned the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, to investigate the allegation of fuel subsidy payment by the corporation.
The summon followed a motion sponsored on Wednesday by a lawmaker from Kogi State, Honourable Sunday Karimi.
Mr Karimi was concerned that “the Federal Government claimed that it has stopped fuel subsidy payment and it is the NNPC that is paying subsidy through its routine trading activities.”
He was also worried about claims that such payment does not “require budgetary approval”, while motion gained the support of a majority of the lawmakers.
