NEWS

Reps To Investigate Oil Licensing And Financial Proceeds

The Federal House of Representatives is set to investigate the processes of licensing and financial proceeds of Nigeria’s marginal oil and gas fields, from 2001 to 2017.

The investigation includes issues surrounding remittances and non-remittances of revenues by the licensed operators of the federation accounts.

The lawmakers noted that operations of the marginal oil fields is worrisome and that the situation has resulted in huge revenue losses from non-payment of royalties, taxes to other financial proceeds accruable to the federation accounts.

The committee is also to investigate the terms of agreement between the international oil companies, the investors and Nigerian Petroleum Development Company in the operations of the marginal oil fields.

 

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