The Senate on Wednesday set up a nine-member ad-hoc committee to probe the N3tn either allegedly lost due to systemic failure or diverted by the Nigerian National Petroleum Corporation as contained in the 2013 report of the Nigeria Extractive Industry Transparency Initiative.
The decision was taken by the Senate after members had grilled the Executive Secretary of NEITI, Mr. Waziri Adio, for over two hours and got him to answer questions based on the startling revelations contained in the report.
Adio had lamented the level of mismanagement of resources in the oil and gas industry over the years and said that the country had no definite account of the oil produced over the period totalling over N3tn.
He said the NEITI 2013 Industry audit reports showed that revenues in the oil and gas industry were not fully remitted to the Federation Account, adding that the danger posed on the economy due to the misappropriation of these funds was enormous.
Senate President Bukola Saraki, in setting up the ad-hoc commiittee, said the issues raised by the NEITI boss, cut across a lot of different standing committees, and that in view of that, the general opinion was that an ad hoc committee be set up to probe the report.
He said the terms of reference of the committee led by the Chairman, Senate Committee on Petroleum Resources ( Downstream ), Senator Jibrin Barau, would be to re-examine the financial processes and the fiscal audit report of the NEITI.
Saraki also said the committee would also look into the financial loss and leakages to government in all its ramifications, the remedial measures and recommend sanctions where necessary.
Committee members
The senate president noted that the committee would determine would also determine, any relevant legislative action that would be required to block all forms of leakages.
Other members of the committee are, Senators Tayo Alasoadura, who is the chairman, Senate Committee on Petroleum Resources ( Upstream), Senator Bassey Akpan, who is the Chairman, Senate Committee on Gas, Senator Andy Uba, Chairman, Public Accounts Committee, and Senator John Enoh, Chairman, Committee on Finance.
The rest are Senators Chukwuka Utazi, Chairman of the Senate Committee on Anti-Corruption.Kabir Marafa, Chairman of the Senate Committee on Population and National Identity, Solomon Adeola and Bukar Mustapha.
