KEHINDE AKINTOLA
Nigeria’s House of Representatives on Wednesday unveiled plans to investigate the $27 billion oil revenue lost since 1999 to date.
The resolution was passed after the passage of the bill which seeks to increase Federal Government’s share of the revenue accruing from the oil trading.
The Committee was given one week to report back for further legislative action.
According to Idris Wase, Deputy Majority Leader who led the debate, the bill seeks to amend the Deep Offshore and Inland Basin Production Sharing Contracts Act, Cap. D3 Laws of the Federation of Nigeria, 2004 to review the share of the Government of the Federation in the Additional Revenue under the Production Sharing Contracts; and for related matters.
Despite opposition fuelled by members of the Peoples Democratic Party (PDP) who canvassed that the bill should be stepped down, Speaker Yakubu Dogara explained that the bill has been listed on the Order Paper twice, hence ruled them out of Order.
To this end, he referred the bill to the House Committee on Petroleum Resources (Upstream) for further legislative action.
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