Reps Committee Takes Action, Initiates Audit Of Petrol Subsidy Regime

The chairman, Ikeagwuonu Ugochinyere, reportedly made this announcement during the committee’s inauguration on Friday in Abuja…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

He outlined the committee’s legislative priorities, which include ensuring energy security, enhancing professionalism within the petroleum sector, and driving economic transformation.

Other priorities include fostering accountability, implementing institutional reforms, and focusing on revenue recovery and generation.

The committee’s specific objective is to support the Federal Government in recouping the $20 billion revenue lost in the sector.

Ugochinyere also mentioned that the committee would prioritize the early remittance of federal revenues and the recovery of unremitted funds in the near future.

He underscored the importance of addressing the challenges faced by Nigerians due to the removal of the petrol subsidy.

The committee also intends to investigate subsidy beneficiaries, scrutinize loan transactions, and assess pre-export financing arrangements while reviewing loans related to crude oil.

The lawmaker explained that the committee would examine the direct sales, direct purchase method, which involves using crude for importing refined petrol and other associated value chains.

To achieve its objectives, the committee plans to collaborate with other relevant committees in the upstream, mainstream, gas, and petroleum training fund sectors.

In reviewing the Petroleum Industry Act (PIA), the committee intends to assess the actions taken before and after its implementation, the status of national assets, and the achievement of energy security. It will also examine competition in the downstream sector, as originally intended in the PIA.

Ugochinyere stated that the committee would address the issue of NNPCL being the primary petrol importer, which contrasts with the PIA’s vision of diverse downstream operators.

Additionally, the committee will tackle challenges related to domestic crude supply for modular refineries and local refineries, in line with a constitutional provision under the PIA.

“The committee will also ensure an adequate supply of domestic crude to achieve energy security,” he emphasized.