The National Assembly Joint petroleum committee will Thursday, convene an investigative hearing into revenue, expenditure and key operational activities in to the country’s oil and gas sector.
The exercise is in line with sections 88 and 89 of the 1999 Constitution (as amended), the provisions of the Petroleum Industry Act, and relevant Presidential Executive Orders on fiscal transparency and public sector efficiency.
The hearing which is to be held at the Senate will review government revenue sources including royalties, rents and taxes, and will also seek to confirm full remittance into the Federation Account.
Besides, the committees will examine the implementation of the Petroleum Industry Act, as it concerns host community trust funds, asset divestments and the transition of assets and liabilities within the industry.
The joint committees will also examine the expenditure profile and financial operations of the Nigerian National Petroleum Company Limited and its subsidiaries, especially in the context of approved budgetary provisions and cost-reduction executive orders.
The lawmakers will scrutinise the pipeline surveillance security contract, assessing its performance, value for money and alignment with the contract sum.
In a letter Sen. Jarigbe Agom Jarigbe, Chairman Senate Committee on Gas, Hon. Nicholas Mutu, Chairman, Gas (House), Sen. Eteng Jonah William, Chairman, Upstream (Senate), Hon. Ado Doguwa, Chairman, Upstream (House), Sen. Suleiman A. Kawu Downstream (Senate) Chairman, Hon. Ikenga Ugochinyere Onyinye, Chairman, Downstream (House), and Hon. Prince Henry Okojie, Chairman, Midstream (House), signed the joint letter.
The lawmakers explained that the probe will focus on ensuring accountability in petroleum revenue management, assessing compliance with statutory remittance obligations, and scrutinising expenditure patterns across critical institutions in the sector.
The letter said that regulatory oversight will also come under review, with the activities of the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Midstream and Downstream Gas Infrastructure Fund to be evaluated against their statutory mandates and established performance benchmarks.
It will further assess domestic gas obligations, refining capacity, petroleum product supply and pricing dynamics, as well as the liabilities of NNPCL, including obligations arising from upfront crude oil and gas sale arrangements.
The Group Chief Executive Officer of NNPCL and key government officials, including the Attorney General of the Federation, Heads of relevant ministries in the Petroleum (Oil and Gas) sectors are expected to be present during the probe, the letter said.
According to the letter, the Minister of Finance and Coordinating Minister of the Economy, the Special Adviser to the President on Energy, heads of relevant regulatory agencies, and the Accountant General of the Federation are to make presentations before the committee.
It stated “All invited officials are required to appear in person alongside their Chief Accounting Officers and submit 20 hard copies and a soft copy of a comprehensive briefing memorandum.”
Stressing that the hearing is statutory and mandatory, the Joint Committees warned against non-appearance, adding that Heads of MDAs who fail to provide the requested documents may attract constitutional sanctions, including the issuance of warrants where necessary.
