Reps move to recover $20bn lost revenue in petroleum sector

The House of Representatives has resolved to conduct a comprehensive audit of the petroleum industry.

The Chairman of the House Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, stated this on Friday in Abuja.

He said the committee’s specific objective was to assist the Federal Government in recovering the $20 billion revenue lost in the sector.

The committee, according to him, will work to ensure early remittance of federal revenues, probe subsidy beneficiaries, scrutinize loan transactions, and pre-export financing arrangements, and review loans associated with crude oil, among others.

Ugochinyere said: “The committee’s specific objective is to assist the Federal Government in recovering the $20 billion revenue lost in the sector. The committee will also ensure adequate supply of domestic crude to achieve energy security.”

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“It will prioritize early remittance of federal revenues and the recovery of unremitted funds in the near future. This aims to ensure timely remittance of government revenues and retrieve any outstanding funds not yet remitted.

“Probe subsidy beneficiaries, scrutinize loan transactions, and pre-export financing arrangements, and review loans associated with crude oil. This involves investigating the beneficiaries of subsidies, closely examining loan transactions, and financing arrangements, and assessing loans linked to crude oil.

“The committee will equally examine the direct sales, and direct purchase method, and evaluate the use of crude for importing refined petrol and other related value chains.”

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