Stakeholder Cooperation Encouraged As Reps Committee Takes On Petrol Subsidy Audit

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The House of Representatives Downstream Petroleum Resources Committee has announced its plans to conduct a comprehensive review of the country’s petrol subsidy system…CONTINUE READING

Ikeagwuonu Ugochinyere, the committee’s chairman, shared this during the committee’s inauguration in Abuja on Friday.

He outlined the committee’s legislative priorities, which encompass ensuring energy security, bolstering professionalism within the petroleum sector, and driving economic transformation, among others.

Specifically, the committee aims to assist the federal government in recovering $20 billion in revenue lost in the sector.

he committee will also focus on the early remittance of federal revenues and the recovery of unremitted funds.

Ugochinyere stressed the importance of addressing the challenges faced by Nigerians due to the removal of petrol subsidies.

The committee also intends to investigate subsidy beneficiaries, scrutinize loan transactions, and review crude oil-related loans, including direct sales and direct purchase methods.

Furthermore, the committee will collaborate with other relevant committees in the petroleum sector to achieve its goals, including a comprehensive review of the Petroleum Industry Act (PIA).

In this review, the committee will assess actions taken before and after the PIA’s implementation, examine the status of national assets, and assess the achievement of energy security.

It will also delve into competition in the downstream sector, as originally intended in the PIA, and address the challenge of the NNPC being the primary petrol importer.

Additionally, the committee will focus on domestic crude supply for modular and local refineries, ensuring an adequate supply of domestic crude for energy security.

Ugochinyere expressed confidence in the committee’s ability to fulfill its mandate and called on stakeholders in the petroleum sector to cooperate in the discharge of its functions.