Reps To Probe 2017-2021 Fuel Subsidy Regime

6/30/2022 5:28:00 AM

Reps To Probe 2017-2021 Fuel Subsidy Regime

Fuel Subsidy, Reps

Reps To Probe 2017-2021 Fuel Subsidy Regime

This resolution followed the adoption of a motion sponsored by Sergius Ose Ogun.

The committee will be given eight weeks to carry out the assignment and report back to the House for further legislative action.Moving the motion, the sponsor, Ogun, noted that Section 32 of the Petroleum Industry Act, 2021 saddles the Petroleum Midstream and Downstream Regulatory Authority with the task of regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria.

He said that as of 2002, the NNPC’s purchase of crude oil at international market prices stood at 445,000 barrels per day in order to enable it to provide petroleum products for local consumption.He also said the House is aware that due to the decline in the production capacity of the refineries, NNPC found it more convenient to export domestic crude in exchange for petroleum products on trade by barter basis described as Direct Sales Direct Purchase (DSDP) arrangement.

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The Speaker, Femi Gbajabiamila, was going to set up the committee yesterday during plenary, but said after consultations it would be done on Thursday (today) as there was need to take time to select a crack team due to the importance of the matter.house of representatives has resolved to investigate “petroleum products subsidy regime” in the country.Supreme Court halts FG’s move to cede oil wells to Imo The lawmaker added that the Corporate Communications Lead of Eroton reported an oil leak, which eventually resulted in a blowout of crude oil and gas into the environment on June 15, 2022, “whereas NOSDRA only reported the incident on June 25, 2022 – 10 days thereafter.Speaker of the House, Femi Gbajabiamila, is to set up an ‘Ad Hoc Committee to Investigate the Petroleum Products Subsidy regime from 2017 to 2021,’ which is to report back to the House within eight weeks for further legislative action.

The committee will be given eight weeks to carry out the assignment and report back to the House for further legislative action. Moving the motion, the sponsor, Ogun, noted that Section 32 of the Petroleum Industry Act, 2021 saddles the Petroleum Midstream and Downstream Regulatory Authority with the task of regulating and monitoring technical and commercial midstream and downstream petroleum operations in Nigeria. The resolution was passed during plenary session on Wednesday following the adoption of a motion sponsored by Sergius Ogun from Ogun state. He said that as of 2002, the NNPC’s purchase of crude oil at international market prices stood at 445,000 barrels per day in order to enable it to provide petroleum products for local consumption.” The lawmaker also noted that Aiteo Group, operator of another JV with NNPC, also reported an oil leak from its “idle and isolated” Santa Barbara oil well Head 1 on OML 29 in Nembe Local Government Area of Bayelsa State on November 5, 2021. He also said the House is aware that due to the decline in the production capacity of the refineries, NNPC found it more convenient to export domestic crude in exchange for petroleum products on trade by barter basis described as Direct Sales Direct Purchase (DSDP) arrangement. Advertisement “As of 2002, the NNPC’s purchase of crude oil at international market prices stood at 445,000 barrels per day in order to enable it to provide petroleum products for local consumption,” the lawmaker said. RELATED .35bn petrol subsidy payment “The House is concerned that as of 2002, the installed capacity of Nigeria’s local refineries stood at 445,000 barrels per day, however, their capacity utilisation began to nosedive and eventually fell completely to zero due to the ineffectiveness and alleged corruption of critical stakeholders in the value chain,” he said.