It was gathered that the House of Representatives yesterday resolved to investigate undeclared revenues from crude oil and Liquefied Natural Gas (LNG) exports from 2011-2014, estimated at $17 billion.
The resolution followed the adoption of a motion entitled: “Urgent Need to Investigate over $17 billion Stolen from Undeclared Crude Oil and Liquefied Natural Gas Exports to Global Destinations,” sponsored by Mr. Johnson Agbonayinma (Edo-PDP).
The House resolved to set up an adhoc committee to investigate 20 companies, two federal agencies, two law firms and a technical consultant appointed by the Jonathan administration, all identified in a report on shipment of oil and gas exports from 2011-2014 by an outfit.
Leading debate on the motion, Agbonayinma, who stressed the need for a thorough investigation, said the report based on data from the Nigerian National Petroleum Corporation (NNPC) and figures from pre-shipment inspection reports from the Central Bank of Nigeria (CBN) indicates that undeclared crude oil export shortfalls translating to $12 billion, $3 billion and over $800 million to the US, China and Norway respectively.
The lawmaker, who pointed to the possibility of monies that could be recovered from the alleged fraud in undeclared oil and gas exports being invested to resuscitate the economy also disclosed that the report showed a $461 million shortfall from a total of 727, 460 metric tonnes export of natural liquefied gas from Nigeria to seven countries.
The House yesterday also called on the Federal Government to prioritise the revitalisation of moribund industries across the country.
The call followed the adoption of a motion raised under Matters of Public Importance entitled : “Urgent Need to Revitalise Industrial Core Projects as Catalyst for Nigeria’s Industrialisation”, sponsored by Chris Azubogu (Anambra-PDP).
The House identified the rehabilitation of industries involved in key sectors such as steel production, defence, as well as oil and gas, as vital to pulling the country out of recession.
Speaking on the motion, Azubogu listed the industries which government’s intervention is immediately needed to include Iron and Steel Plant at Ajaokuta, Steel Rolling Mills, Kaduna, Aluminium Smelter Industry, Ikot -Abasi, Machine and Tools Industries, Sagamu and Ozobulu, Petro-Chemical Industry in Warri, Kaduna and Port-Harcourt.
The lawmakers also selected the paper/pulp industries in Iwopin, Ogun State and Oku-Iboku and the Defence Industries of Nigeria (DICON), whose revitalisation would stimulate the economy.