In a determined stance, the House of Representatives announced during its plenary session on Wednesday that it will conduct a thorough investigation into the alarming issue of N8 trillion unremitted revenue and the fuel subsidy scam. This decision follows the reception of the Nigerian Extractive Industries Transparency Initiative (NEITI) 2021 Oil and Gas Report by the esteemed members of the Green Chamber.
According to Section 4(3) of the NEITI Act, the report was presented by the sponsor and chairman of the House Committee on Petroleum Resources (Downstream), Honourable Ikenga Ugochinyere, and co-sponsored by the chairman of the Committee on Petroleum Resources (Upstream), Honourable Alhassan Ado-Doguwa.
Upon receiving the report, the House promptly referred it to the Committees on Petroleum Resources (Upstream and Downstream) for detailed examination and investigation.
During the presentation of the report, Honourable Ugochinyere highlighted the constitutional mandate of the National Assembly, as stated in Section 4(2) of the Constitution of the Federal Republic of Nigeria 1999 (As Amended), which empowers them to enact laws for the peace, order, and good governance of the nation.
“The unremitted revenues that necessitate urgent attention include $278.813 million derived from trial marketing under the First Exploration and Production Joint Venture, $7.61 million from OML 116 operated by the Nigerian Petroleum Development Company (NPDC), and $5.85 billion from the sales of domestic crude oil, including approximately $871.15 million in unremitted crude oil sales,” he revealed.
In addition, Honourable Ugochinyere disclosed that as of July 31st, 2023, the total outstanding taxes payable to the Federal Inland Revenue Service amounted to US$13.591 million, while the outstanding Federation revenue payable to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as of December 31st, 2022, stood at US$8.251 billion.
It is pertinent to note that the NEITI 2021 report, with its wide-ranging findings and crucial recommendations for the advancement of the oil and gas sector, was officially released on Monday, September 18th, 2023. The report serves as a call to action in addressing the critical issues impeding the growth and development of this vital industry.
