The Nigeria Extractive Industry Transparency Initiative, NEITI, has said the country at the moment does not know the quantity of crude oil it produces.
The Executive Secretary of NEITI, Waziri Adio, stated this when he appeared before the Senate to brief it on the 2013 NEITI audit report, adding that Nigeria was yet to know its oil and gas production capacity.
Continuing, Adio, who regretted the level of mismanagement of resources in the oil and gas sector of the nation’s economy over the years, insisted that the country has no specific record of its quantity of oil produced over the years.
According to him, the NEITI 2013 Industry audit reports showed that revenue in the oil and gas industry were not fully remitted to the Federation Account, adding that the danger posed to the economy due to the misappropriation of these funds were much
Peeved by the revelations contained in the report, the Senate took a decision to investigate it.
According to the Senate President, Bukola Saraki, the issues raised by the NEITI boss was grave and must be looked into.
Saraki thereafter set up an adhoc committee, cutting across nine different standing committees to probe the report.
The committee is saddled with the task of re-examining the financial processes and the fiscal audit report of NEITI.
The committee was also mandated look into the financial loss and leakages to government in all its ramifications, the remedial measures and come up with sanctions where necessary.
The nine-member ad-hoc committee has as chairman, Senator Tayo Alasoadura, who is the chairman, Senate Committee on Petroleum Resources ( Upstream).
Others are Senators Bassey Akpan, who is the Chairman, Senate Committee on Gas, Senator Andy Uba, Chairman, Public Accounts Committee, and Senator John Enoh, Chairman, Committee on Finance.
The rest are Senators Chukwuka Utazi, Chairman of the Senate Committee on Anti-Corruption.Kabir Marafa, Chairman of the Senate Committee on Population and National Identity, Solomon Adeola and Bukar Mustapha
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