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Government Blows Whistle on Oil Sector

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Government Blows Whistle on Oil Sector

Government Blows Whistle on Oil Sector

Government intensifies efforts to recover misappropriated funds in the oil sector

oil-price
Government intensifies investigations as reports reveal that the country loses billions of dollars to unchecked misappropriation.

Minister of State for Petroleum Resources, Dr Ibe Kachikwu announces on Tuesday that in 2017, the government will set up an independent tracking mechanism to investigate the falsification of gas flare data in the country. He reveals that falsified gas flare data make the country to lose $1 billion yearly.

Turning its attention on the Nigerian National Petroleum Corporation (NNPC) and its subsidiary, Nigerian Petroleum Development Company (NPDC), the Senate has ordered them to remit the $5.6 billion and $3.487 billion they obtained on behalf of the Federal Government. Reacting to this decision, Senate President, Abubakar Bukola Saraki says, ‘We must put an end to this level of misappropriation and recklessness… we cannot continue with a situation where some people are sabotaging the efforts to fight corruption.”

In the lower house, key oil companies that owe the country about N 500 billion are under investigation. Nigerians expect more investigations as the government struggles to fund the 2017 budget.
SOURCE: The Guardian

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