Reps Vow To Recover 100bn Dollars Unremitted Oil Revenues

House of Representatives has vowed to ensure the recovery of
over 100 billion dollars unremitted oil revenue by oil companies to federal government, as well as probe the abuse in the handling of fuel subsidy regime

The Chairman, House Committee Petroleum( Downstream), Ikenga Ugochinyere, disclosed this at the inaugural meeting of the committee, on Friday. Ugochinyere said the committee will also probe alleged non-remittance of about 20 billion dollars royalties to the government by oil and gas companies.

The lawmaker, while expressing concern that the Federal Government was losing revenue from various loopholes, said his committee will work towards blocking every loophole, as well as recovery of unremitted revenue

 Ugochinyere said ” the Committee on Petroleum Resources (Downstream) of the 10th House of Representatives is going to be a Committee with the interest of the people at heart and a Committee that will put the interest of the nation forward in all its consideration.

“This Committee will legislate for energy security, professionalism in the petroleum sector, economic transformation, accountability, institutional reforms and revenue recovery and generation, with a specific goal of helping the Federal Government to recover 100 Billion US dollars revenue from the sector.

“The Committee notes that although the introduction of subsidy was for the good of Nigerians, the abuse of it and the corruption that held sway in the sector, led to its removal by Mr. President. This Committee will investigate the corruption in the sector and the abuse of the regime that led to its removal by Mr. President.

“I have no doubt that with the caliber of membership we have, this Committee will deliver on its mandate and achieve its aims, objectives and projections. Let me also urge the various stake holders in the petroleum sector to cooperate with our Committee in the discharge of our functions and be open to positive changes where necessary. We are not going to victimize anybody. We won’t witch-haunt any one, but we will certainly do our work with a deep sense of service to the nation. “