The Nigeria National Petroleum Corporation (NNPC) is undergoing inquiries by the House of Representatives into the assets and liabilities of the before its transformation to a limited liability company.
Chairman of the committee in charge of the investigation, Rep Uju Kingsley said they would liaise with the management of the NNPC to ascertain total assets, interests and liabilities of NNPC before transfer to the NNPC limited, on Wednesday, December 1, 2021.
Addressing the maiden meeting of the committee, Kingsley said the legislative intervention was in alliance with section A 1.03 of the introduction part of the Legislative Agenda of the 9th Assembly (2019 – 2023).
The section states that the 9th House would seek to undertake reforms of critical sectors of the Nigerian society and economy to improve the conditions that allow for investment, innovation and economic growth.
The Rep said crude oil dominates Nigeria’s economy and accounts for about 86% of export earnings in our country.
He added that “we have the largest oil and gas reserves in sub-Saharan Africa with an estimated 37 billion barrels of oil and 188 trillion cubic feet of gas as of July 2021.
“It is depressing that, despite the abundant natural endowment, the oil and gas industry has been plagued with corruption, mismanagement, crisis, environmental degradation, lack of refining capacity etc.
“The petroleum industry Act 2021 was enacted to cure the maladies of the oil and gas industry and provides legal governance, the regulatory and fiscal framework of the Industry.
“It came at a time when fossil fuel-reliant frontier markets are contending with the implications of the global transition to cleaner and renewable energy sources.
“In the last 20 years, multiple governments have attempted to pass an all-encompassing Petroleum Industry Bill which has been successfully done by the 9th Assembly.”
