The Nigeria House of Representatives on Wednesday revisited the probe of alleged malpractices by the Nigerian National Petroleum Corporation (NNPC) on crude oil swap indicating that it is doing so to ensure that future contracts are transparent and in accordance with global best practices.
Raising the motion on the “Urgent Need For a Forensic Investigation of the Contract known as Refined Product Exchange Agreement or Swap Contract”, Hon. Michael Enyong from Akwa Ibom noted that the revenue of the country has nose-dived due to leakages in the accounting system and mismanagement of the economy.
According to him, the 2011 and 2012 Nigerian Extractive Industries Transparency Initiative (NEITI) projected a revenue loss of $8 billion arising from discrepancies between the value of the crude oil given out and the refined products delivered.
“There is the need to ensure transparency and accountability by the NNPC in the management of revenue accruing to the nation from crude oil, particularly in the prevailing circumstances where major buyer of Nigeria’s crude oil, the US has discovered alternative sources, ” he said.
A debate, however, followed the matter, as some members moved against the motion. The motion raised some questions over the refined product exchange agreement between the NNPC and some oil trading companies in Nigeria.
Despite the stiff opposition that met the motion, the Speaker of the House, Honourable Yakubu Dogara, said a committee would be set up at a later date to look into the matter. This will be the first investigative motion to be tabled before the 8th House of Representatives.
