By Dosu Deborah Oluwatimilehin (SIWES student, Adeseun Ogundoyin Polytechnic Eruwa)
The House of Representatives revealed plans to investigate the Nigerian National Petroleum Corporation Limited (NNPCL) over a purported $60 billion revenue loss attributed to inflated joint venture agreements.
Sponsored by Hon. Chike John Okafor, the motion emphasizes the House’s commitment to transparency, accountability, and safeguarding public funds. Hon.
Okafor asserted that the NNPCL, in its joint ventures with private oil companies, failed to achieve sustainable revenue generation and economic development goals, resulting in substantial losses.
The investigation aims to identify responsible parties and address the reported corruption and mismanagement.
During the lead debate, Hon. Okafor invoked Section 81 of the 1999 Constitution, stressing the need for House intervention to hold NNPCL and its joint venture partners accountable.
He emphasized preventing further revenue loss, advocating for due process in contract renegotiation, and shielding the Nigerian economy from adverse effects.
Highlighting the impact of revenue loss on unemployment, inflation, and poverty, Hon. Okafor urged decisive action against corruption and mismanagement.
Beyond the investigation, Hon. Okafor proposed comprehensive reforms. These include regular audits by reputable firms, transparent contract terms, and public participation in monitoring NNPCL’s operations.
He called for prioritizing local content development to stimulate the economy and recommended increased transparency to benefit local communities.
In concluding recommendations, Hon. Okafor urged NNPCL and its joint venture partners to focus on environmental sustainability.
This involves developing and implementing plans to address pollution, waste management, biodiversity conservation, and promoting renewable energy sources and cleaner technology.
