Reps panel pledge recovery of alleged missing $100 billion oil revenue, $20 billion royalty proceeds

Mr. Ikeagwuonu Ugochinyere, the chairman of the House of Representatives committee on Petroleum Resources downstream, has given his assurance that he will take steps to recover the alleged missing $100 billion in oil revenue proceeds.

During the committee’s inauguration at the National Assembly complex in Abuja, Mr. Ugochinyere stated that his committee would also investigate the alleged failure to remit approximately $20 billion in royalties to the Federation Account by the relevant players in the oil and gas sector.

The politician, who hails from Imo State, pledged that the committee would fulfill its responsibilities in legislating for energy security, promoting professionalism in the petroleum sector, driving economic transformation, ensuring accountability, and implementing institutional reforms in the oil and gas sector of the economy.

He also expressed the committee’s readiness to probe the abuse of the petroleum subsidy system, which was intended to alleviate the hardships faced by Nigerians but failed to achieve its objectives.

Mr. Ugochinyere emphasized that the various stakeholders in the petroleum sector should collaborate with the committee in carrying out its duties and be open to necessary positive changes.

He made it clear that there would be no victimization or witch-hunting, but the committee would diligently serve the nation.

Mr. Ugochinyere highlighted the House’s commitment to receiving the Nigerian Extractive Industries Transparency Initiative (NEITI) Oil and Gas Sector Report for 2021, which falls under the committee’s jurisdiction and reflects their dedication to addressing the challenges in the sector.

The committee’s responsibilities include oversight of petroleum refineries, supervision of petroleum products marketing, examination of petrochemicals, overseeing the Pipelines and Products Marketing Company (PPMC), addressing matters related to the Downstream Petroleum Sector, and overseeing the Nigerian National Petroleum Corporation (now known as Nigerian National Petroleum Company Ltd.) and its downstream activities in general.

Their duties also encompass supervising the Petroleum Equalization Fund and the Petroleum Products Pricing Regulatory Agency (PPPRA), as well as examining and scrutinizing the annual budget estimates of the NNPC, its subsidiaries, and all oil-related companies, presenting them to the House for consideration and approval in collaboration with relevant committees.