Reps Begin Probe Into N30b Unremitted Crude Oil Revenue

Reps Begin Probe Into N30b Unremitted Crude Oil Revenue
Reps Begin Probe Into N30b Unremitted Crude Oil Revenue

Reps Begin Probe Into N30b Unremitted Crude Oil Revenue

The House of Representatives ’ ad -hoc committee yesterday directed the Department of Petroleum Resources (DPR ) to provide details on how N 30 billion crude oil revenue was not remitted into the Federation Account.

The committee, chaired by Raphael Nnana- Igbokwe (PDP, Imo), also directed the Auditor General of the Federation ( AGF ) to provide a report on the matter and submit same for further inquiry.

Nnana- Igbokwe , therefore issued the directive at the ongoing investigation into the pump price of petroleum products between 2013 and 2017, resolved to hand over some of the chief executives of oil companies to the police fraud unit and sergeant at- arms for interrogation.

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According to DPR records of crude lifted in February 2017, 2,845,142 barrels were transferred to the Kaduna, Port Harcourt and Warri refineries. The committee however discovered 3,853, 647 barrels were delivered , leaving an excess of 1,008,505 barrels unaccounted for by the DPR.

Also in March 2017, DPR records showed that 3,227,556 barrels were supplied to the refineries while the record documented 2, 400,297 barrels , a differential of 827,259 barrels unaccounted for.

For April 2017, while the DPR showed total crude oil lifted was 2,978, 371 barrels, the committee discovered a total of 4,252,368 barrels were distributed to the three refineries, leaving a differential of 1,273,997 barrels .

Nnana frowned at the complacency of the DPR “ as watchdog of government ” for failing to account for the actual crude oil lifted. He said: “ That is why we insisted on the record you sent to the Federation Account Allocation Committee (FAAC ). We ’ve observed specific encroachment into government revenue. Remember, we have the issue of N 30billion revenue for October, which is yet to be accounted for.

Nnana- Igbokwe noted that there are 32 issues yet to be addressed by the DPR and directed, Idris Abdulrahman, the DPR team leader on crude, to brief the committee on details of the FAAC meeting where the revenue for October 2017 would be shared among the three tiers of government .

The committee also resolved to summon the Permanent Secretary of the Federal Ministry of Finance at the next hearing to explain the rationale behind the N 30billion unremitted crude oil revenue.