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…Vows to Recover All Unremitted Oil, Non-Oil Export Earnings Since 1996
By Gift ChapiOdekina, Abuja
The House of Representatives has launched an probe into the alleged non-repatriation of Nigeria’s crude lipid export proceeds estimated astatine implicit $850 cardinal betwixt 1996 and 2014 — a concern lawmakers described arsenic a large gross leakage undermining the nation’s economical stability.
Chairman of the House Ad-Hoc Committee connected Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Hon. ‘Seyi Sowunmi, disclosed this connected Wednesday during the committee’s inaugural property briefing astatine the National Assembly, Abuja.
Sowunmi said caller findings suggest a important breakdown successful compliance with the Pre-Shipment Inspection of Exports Act, arsenic operators successful the lipid and state assemblage allegedly failed to repatriate betwixt 40 and 45 per cent of Nigeria’s crude lipid export proceeds — contrary to the instrumentality mandating afloat repatriation wrong 90 days for lipid exports and 180 days for non-oil exports.
He besides expressed interest implicit “worrisome disparities” successful export-earnings information among authorities agencies specified arsenic the Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPCL), and the National Bureau of Statistics (NBS), arsenic good arsenic inconsistencies betwixt Nigerian and planetary information sources similar OPEC.
According to him, non-oil exports—particularly successful the coagulated minerals sector—have besides shown “high levels of non-compliance” with repatriation laws.
Sowunmi recalled that the Pre-Shipment Inspection of Exports Act (CAP P26, LFN 2004) established the Nigerian Export Supervision Scheme (NESS) to forestall superior flight, guarantee close export valuation, and safeguard the country’s overseas speech earnings. Before the Act’s enactment successful 1996, helium noted, Nigeria had suffered from “endemic leakages done under-valuation, delayed invoicing, terms manipulation, amerciable swaps, and deliberate overloading.”
He said the committee would analyse the nonstop measurement and worth of unrepatriated export proceeds from oil, gas, and non-oil sectors since 1996; find the causes of conflicting information from authorities agencies; and prosecute experts for forensic reconciliation of export-proceeds accounts. It volition besides probe the absorption and utilization of NESS funds.
“This Committee volition beryllium guided strictly by evidence, not speculation. Our enactment volition beryllium document-based, data-driven, transparent, and verifiable,” Sowunmi assured. “Our purpose is elemental — Nigeria indispensable receive, successful afloat and promptly, each dollar legally owed from its exports.”
He emphasized that the House, nether the enactment of Speaker Rt. Hon. Tajudeen Abbas, is afloat committed to supporting President Bola Tinubu’s Renewed Hope Agenda by plugging gross leakages and recovering mislaid funds for the Federation Account.
Sowunmi further revealed that the committee would leverage whistleblowing channels, guaranteeing confidentiality and imaginable fiscal rewards for individuals providing credible information.
He urged each stakeholders—oil operators, regulators, fiscal institutions, and exporters—to cooperate afloat with the investigation, describing it arsenic a “whole-of-system exercise.”
“Operators indispensable proviso shipment-to-receipt trails; regulators indispensable reconcile production, certification, and FX returns; and fiscal institutions indispensable supply account-level grounds of repatriation wrong time. Where breaches are discovered, due civilian and transgression sanctions shall beryllium applied,” helium warned.
Sowunmi stressed that the committee’s enactment is non-partisan, focused solely connected safeguarding the nation’s economical integrity.
“Our measurement of occurrence is not publicity, but verifiable fiscal betterment to the Federation Account,” helium said.
He besides acknowledged the relation of the media successful ensuring transparency, urging journalists to trust connected verified information and debar speculative reporting.
“The occurrence of this Committee depends connected our corporate support, for the payment of our large nation,” helium concluded.
The station Reps probe non-repatriation of $850bn crude lipid export proceeds appeared archetypal connected Vanguard News.
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