By Modupe Gbadeyanka
The House of Representatives has constituted a committee to probe the N17 billion allegedly stolen from the export of crude oil and liquefied natural gas.
Deputy Speaker of the House, Mr Yusuf Lasun, who inaugurated the committee yesterday, charged the ad-hoc panel to do a thorough job. He charged them to confirm the exact amount of Nigeria crude oil stolen and sold to buyers in the international market.
Chairman of the committee, Mr Abdulrazak Namdas, promised to carry out a professional job.
“Preliminary reports alleged that over 57 million barrels of Nigeria crude oil were illegally exported and sold in the USA between January 2011 and December 2014.
“The estimated revenue loss by the government of Nigeria is around $12.7 billion at an exchange rate of N196 to $1. This translates to over N2 trillion,” he said.
Mr Namdas disclosed that about 20 multi-national companies have been invited to assist the committee in its investigations.
He opined that, “If all revenues from crude oil exports lost due to the activities of those engaged in illegal export and sale of Nigeria crude oil are recovered from identified buyers, it will go a long way to support developmental goals of the government of Nigeria.”
more recommended stories
CBN Sustains Pressure on System Liquidity with N25b OMO Sale
By Dipo Olowookere The Central Bank.
Asian Stocks Fall Broadly as Investors Await Fed Rate Outcome
By Investors Hub Asian stocks fell.
European Equities Close Mixed as Traders Observe Brexit Developments
By Investors Hub European stocks are.
US Stocks Open Higher on Bargain Hunting
By Investors Hub The major U.S..